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Crypto investors are bracing for impact as crypto analysts warn that the current market pressure may be far from over, with bitcoin and other major digital assets facing lower price targets. Crypto analyst and Youtuber, Crypto World, describes his visions and expectations for the price of bitcoin in the upcoming days. In the past three weeks, bitcoin has been on a bearish run from $25,000 down to $20,000 marking an 8.5% decline in the past 24 hours. Bitcoin falls with broader risk appetite Crypto World notes that on a 3-day…
CryptoX – Cryptocurrency Analysis and News Portal Every U.S. bank is facing similar structural pressures to what drove crypto’s one-time favorite bank to the moon – then into the ground. Original Source The post A Tale of 2 Banks: Why Silvergate and Silicon Valley Bank Collapsed appeared first on CryptoX. CryptoX Portal
On Thursday, the Biden administration released the U.S. president’s 182-page budget proposal for the fiscal year 2024, which aims to “grow the economy from the bottom up and middle out.” The budget includes an $835 billion increase in military spending, but the administration claims it will reduce the deficit by $3 trillion over the next decade. Additionally, the budget proposes “closing a loophole that benefits wealthy crypto investors” and plans to gradually introduce a 30% tax on the electricity used in cryptocurrency mining. Biden Budget Aims to Reduce Deficit by…
Silicon Valley Bank, a major financial institution for venture-backed companies, was shut down by California’s financial watchdog on March 10 — marking the first Federal Deposit Insurance Corporation-insured bank to fail in 2023. The California Department of Financial Protection and Innovation confirmed that Silicon Valley Bank was ordered to close but did not specify the reason for the shutdown. The California regulator appointed the FDIC as the receiver to protect insured deposits. Depositors “will have full access to their insured deposits no later than Monday morning, March 13, 2023,” read…
The show Macro Markets, hosted by Marcel Pechman, which airs every Friday at 12 pm ET on the Cointelegraph Markets & Research YouTube channel, explains complex concepts in layman’s terms and focuses on the cause and effect of traditional financial events on day-to-day crypto activity. In today’s episode, crypto analyst Pechman looks at the price-to-earnings ratio (P/E), which is the main way stocks are valued and how it relates to cryptocurrency markets. For example, one should try to avoid times when the P/E expectations stay the same or are going…
Crypto is, and will for some time, be a quintessential case of unfinished business. Protocols that are sufficiently decentralized won’t be shut down because they literally cannot be. So, in one shape or another, the industry will stick around. And eventually, battered, bruised and bloodied, it will gain the legislative clarity and legitimacy it needs. Source
Troubled DeFi stablecoin exchange mStable has been searching for a buyer after its founder announced he would leave at the end of March. Source
While not perceived as “crypto-friendly” as Silvergate, the tech-forward Silicon Valley Bank did count a number of crypto entities as clients – especially hedge funds and VC firms. According to CoinDesk research, Blockchain Capital, Castle Island Ventures, Dragonfly and Pantera all had relationships with the bank. Source
Dogecoin fell to its lowest level since October, as cryptocurrency prices plunged during Friday’s session. Overall, the global crypto market cap dropped by nearly 9% today, which seems to have been triggered by yesterday’s liquidation of Silvergate bank. Litecoin has been another notable mover, falling by over 17%. Dogecoin (DOGE) Dogecoin fell to a five-month low on Friday, as crypto prices continued to plummet, following the liquidation of Silvergate Bank. DOGE/USD dropped to an intraday low of $0.06302 earlier in the day, less than 24 hours after trading at a…