Circle's stablecoin USDC experienced three drops to as low as $0.74 against its trading pair USDT on Binance, before quickly bouncing back to $1, due to a lack of liquidity to maintain its $1 peg. This occurred during a marketwide sell-off triggered by a report suggesting that the SEC may reject spot bitcoin ETF applications this month. The USDC/USDT pair has a skewed 2% market depth on Binance, with $26 million in orders stacked up to $1.02 and $6.1 million in orders stacked down to $0.98, meaning that a sell order larger than $6.1 million would cause the price to fall below $0.98. Over $500 million in derivative positions were liquidated following the report by Matrixport.