Why did USDC price drop?

I'm curious, why did the price of USDC drop? Could it be due to the volatile nature of the crypto market? Or perhaps it's linked to the recent decline in broader market trends, where many cryptocurrencies have seen significant losses? Is it possible that investors are selling off their USDC holdings in response to the uncertainty and turbulence? Additionally, could the increasing competition in the stablecoin market, with options like Tether, Binance USD, and Dai, be a factor? Or is it the regulatory uncertainty surrounding stablecoins, such as the SEC's statements that some may be considered securities, that's affecting USDC's price? Understanding these potential reasons would help us gain a clearer picture of the current situation.