The Impact of the Silvergate Collapse on Crypto — View Market Report Live
This week on The Market Report, the resident experts at Cointelegraph discuss all the details regarding Silvergate and its impact on the crypto market so far.
We kick off with the week’s top stories
Bitcoin Traders Look at Bottom of $19K BTC Price, Warn of ‘Hot’ February KPI
It could be a testing few weeks for Bitcoin and risk assets, market commentators say, with Fed Chair Jerome Powell set to start the triggers on March 8. Historically, March has not been a great month for Bitcoin (BTC), and 2023 looks set to follow that trend. After an uneventful weekend, which offered few trading opportunities, today’s concern seems to be around the upcoming macroeconomic data from the US. Specifically, the February printout of the Consumer Price Index (CPI), which is due on March 14, is expected to be “hot” or above expectations. Is A Sub-$20,000 Bitcoin Back On The Cards?
The White House is “aware” of the Silvergate situation, spokeswoman says
In a press conference on March 6, press secretary Karine Jean-Pierre said the White House has noted that Silvergate flagged another major crypto firm as “experiencing significant problems” in recent months, but declined to go into further details about the firm. Known as a “crypto bank”, Silvergate was a key banking partner for a number of major crypto companies and projects. What will it mean for the crypto market if Silvergate, like so many others, files for bankruptcy? How will the markets react and what should you do to be prepared? Our experts lay out the details for you.
Is the IMF closing the door too early on Bitcoin as legal tender?
There has been little sunlight this crypto winter, so it may seem strange to present the “Bitcoin as legal tender” argument again. That is, will or should any country—aside from El Salvador and the Central African Republic, which have already done so—declare Bitcoin an official national currency? The International Monetary Fund took up the matter again last week in a paper that put forward nine crypto-focused policy actions that its 190 member states should adopt. First on the list of “don’ts” was elevating crypto to “legal tender.” Does this place another obstacle in the way of crypto being recognized worldwide, or a means of payment? Will it hinder private investors’ confidence in the industry?
Our experts cover these and other developing stories, so make sure you tune in to stay up-to-date on the latest in the crypto world.
Finally, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. Our analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week, so be sure to tune in to find out which ones went down.
Have a question about a coin or a topic not covered here? Don’t worry – join the YouTube chat room and post your questions there. The person with the most interesting comment or question will have a chance to win a one-month subscription to Markets Pro worth $100.
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