📉 Why has $BTC tested $22,000, and other coins from the top 10 have been falling in the last day?
The most likely reason is that Silvergate Capital Corporation’s shares (Silvergate Bank’s parent company) fell by 57.7% on March 2nd, which is why the attention of regulators to the crypto industry increased, and investor confidence decreased.
Watch the snowball rolling:
📌 In December, a class action was filed against Silvergate Bank for supposed assistance in transferring funds between FTX and Alameda Research
📌 In January, it became known that the bank's quarterly loss amounted to $1 billion
📌 In February, the US authorities began inspecting Silvergate's connection with the infamous exchange and hedge fund, and Moody's downgraded the bank's rating after reducing the baseline credit assessment
📌 On March 1st, the LedgerX crypto derivatives platform refused to cooperate with the bank
📌 On March 2nd, there was information about the delay in the publication of the annual report of Silvergate Capital Corporation for the SEC, which led to a sharp drop in their shares
📌 Today, amid rumors of Silvergate's bankruptcy, Coinbase, Circle, Paxos, Crypto com, Gemini, Bitstamp, Galaxy Digital, and others refused to cooperate with them
📌 In total, the shares of Silvergate's parent company have lost 92% of their value in six months
Unfortunately, the echoes of the FTX crash and the past wrong decisions of crypto companies still affect today's market. However, not everyone's upset because of such news. So, how's it, bears? 😉
The most likely reason is that Silvergate Capital Corporation’s shares (Silvergate Bank’s parent company) fell by 57.7% on March 2nd, which is why the attention of regulators to the crypto industry increased, and investor confidence decreased.
Watch the snowball rolling:
📌 In December, a class action was filed against Silvergate Bank for supposed assistance in transferring funds between FTX and Alameda Research
📌 In January, it became known that the bank's quarterly loss amounted to $1 billion
📌 In February, the US authorities began inspecting Silvergate's connection with the infamous exchange and hedge fund, and Moody's downgraded the bank's rating after reducing the baseline credit assessment
📌 On March 1st, the LedgerX crypto derivatives platform refused to cooperate with the bank
📌 On March 2nd, there was information about the delay in the publication of the annual report of Silvergate Capital Corporation for the SEC, which led to a sharp drop in their shares
📌 Today, amid rumors of Silvergate's bankruptcy, Coinbase, Circle, Paxos, Crypto com, Gemini, Bitstamp, Galaxy Digital, and others refused to cooperate with them
📌 In total, the shares of Silvergate's parent company have lost 92% of their value in six months
Unfortunately, the echoes of the FTX crash and the past wrong decisions of crypto companies still affect today's market. However, not everyone's upset because of such news. So, how's it, bears? 😉
🔎 What is Shapella, and why is it so expected?
TLDR:
It's the Ethereum hard fork that unlocks coins that have been in staking on the Beacon Chain since 2020.
Details:
The developers made the name from two forks that will occur in parallel: Shanghai, which is responsible for staking, and Capella, which is responsible for upgrading the consensus.
And where will the price go?
Usually, huge blockchain events are accompanied by volatility. Bro, we know it's crypto: here, the daily fluctuations of several percent are the "breath" of the market. But users will get their assets back in large amounts. So, expecting a fall?
In fact, there are several constraining aspects:
1. Many stakers bought $ETH for more than it is worth now. Yeah, that's a bummer.
2. Those with 32 ETH in staking can become network validators.
3. The mechanics of the unlock process involves a queue for funds withdrawal.
The team plans to implement Shapella in the mainnet around mid-April. A long or a short, Bro? 🍿
TLDR:
It's the Ethereum hard fork that unlocks coins that have been in staking on the Beacon Chain since 2020.
Details:
The developers made the name from two forks that will occur in parallel: Shanghai, which is responsible for staking, and Capella, which is responsible for upgrading the consensus.
And where will the price go?
Usually, huge blockchain events are accompanied by volatility. Bro, we know it's crypto: here, the daily fluctuations of several percent are the "breath" of the market. But users will get their assets back in large amounts. So, expecting a fall?
In fact, there are several constraining aspects:
1. Many stakers bought $ETH for more than it is worth now. Yeah, that's a bummer.
2. Those with 32 ETH in staking can become network validators.
3. The mechanics of the unlock process involves a queue for funds withdrawal.
The team plans to implement Shapella in the mainnet around mid-April. A long or a short, Bro? 🍿
Musk made Teslas cheaper. Again.
Tesla Inc. lowered the prices of their top Models in the US: S and X, by $5k (5%) and $10k (9%). They try to boost the demand as they did in January when Tesla offered discounts of up to 20% on other models for all of its markets.
📉 According to MarketWatch, Tesla shares dropped close to 4% in premarket trading back then.
As Elon thinks, the only thing that stops people from buying his e-cars is the price. However, is that why $TSLA is still down about 30% compared to a year ago, although it made +60% YTD?
By the way, do you trade TSLA? Let us know via reactions 👍/👎
Tesla Inc. lowered the prices of their top Models in the US: S and X, by $5k (5%) and $10k (9%). They try to boost the demand as they did in January when Tesla offered discounts of up to 20% on other models for all of its markets.
📉 According to MarketWatch, Tesla shares dropped close to 4% in premarket trading back then.
As Elon thinks, the only thing that stops people from buying his e-cars is the price. However, is that why $TSLA is still down about 30% compared to a year ago, although it made +60% YTD?
By the way, do you trade TSLA? Let us know via reactions 👍/👎
Howdy Bro!
Isn't it time for the #Communitymetre? Let's check how SNX/USD is doing 🔥
Indicators:
The Sythetix movements look like an uptrend. Today, the price faced a correction after leaving the Bollinger band, but MACD shows signs of growth potential.
🔎 $2.78 is a point you can take a closer look at. Falling under that level may end the current trend, which means $BTC will lead $SNX because of the correlation. $2.95 is also a tricky place that may show us a new support line later.
Context:
Sythetix grew up by 15% recently. That's probably because their product update (V3) went live on Ethereum and Optimism. For those who care: its most important function is generating a collateralized debt position as a dollar-pegged stablecoin used in integrated markets.
Do you like the post?
Tap a reaction! And trade SNX/USD with 0% fees on CEX.IO Broker 🌊
Isn't it time for the #Communitymetre? Let's check how SNX/USD is doing 🔥
Indicators:
The Sythetix movements look like an uptrend. Today, the price faced a correction after leaving the Bollinger band, but MACD shows signs of growth potential.
🔎 $2.78 is a point you can take a closer look at. Falling under that level may end the current trend, which means $BTC will lead $SNX because of the correlation. $2.95 is also a tricky place that may show us a new support line later.
Context:
Sythetix grew up by 15% recently. That's probably because their product update (V3) went live on Ethereum and Optimism. For those who care: its most important function is generating a collateralized debt position as a dollar-pegged stablecoin used in integrated markets.
Do you like the post?
Tap a reaction! And trade SNX/USD with 0% fees on CEX.IO Broker 🌊
High five, Bro! How are you?
FIL/USD is on the #Communitymetre today. Let's unwrap its price movements 📊
🤓 Filecoin is one of the most notable projects on the market. Its point is to be an economic fundament for the Interplanetary File System (IPFS). FIL is its native currency: users pay in it for storing data, and miners get it as a reward for their storage space.
What's on the chart:
$FIL shows a strong correlation with $BTC. It grew up significantly since December, along with the whole market.
✏️ The current support line has previously been a resistance one, and the price is retesting this level now. That indicates a probable trend reversal.
What's in the papers:
Filecoin will release its FVM (virtual machine) on March 14th. This will enable deploying launching smart contracts and ERC-20-like tokens on the blockchain, which is an essential milestone for the project.
Bro, are you bullish or bearish on it?
Anyway, trade FIL/USD with 0% fees on CEX.IO Broker 🐳
FIL/USD is on the #Communitymetre today. Let's unwrap its price movements 📊
🤓 Filecoin is one of the most notable projects on the market. Its point is to be an economic fundament for the Interplanetary File System (IPFS). FIL is its native currency: users pay in it for storing data, and miners get it as a reward for their storage space.
What's on the chart:
$FIL shows a strong correlation with $BTC. It grew up significantly since December, along with the whole market.
✏️ The current support line has previously been a resistance one, and the price is retesting this level now. That indicates a probable trend reversal.
What's in the papers:
Filecoin will release its FVM (virtual machine) on March 14th. This will enable deploying launching smart contracts and ERC-20-like tokens on the blockchain, which is an essential milestone for the project.
Bro, are you bullish or bearish on it?
Anyway, trade FIL/USD with 0% fees on CEX.IO Broker 🐳
❗️Bitcoin fell under $20k
$BTC returned to its January prices, leading $ETH and other coins down. Why did that happen? Several factors could cause this slip:
📌 Joe Biden's budget proposal revealed his plans to tax crypto mining companies by 30% of their used electricity cost (+10% by a year). These new expenditures can reduce their net profit and drastically affect the industry.
📌 Silvergate Capital Corporation decided to "voluntarily liquidate" Silvergate Bank. The bank was a major supporter of many crypto companies but had the issues we described before. So now we see it shutting down.
📌 The US Department of Justice moved 49k BTC (about $1 billion worth) seized from darknet marketplace Silk Road to Coinbase- and gov-controlled addresses. Will they care about not dropping the market when selling them? Huh.
Also worth noting
Joe DiPasquale, CEO of BitBull Capital, to Coindesk:
"As we have stated since January, we believe it [BTC] will test its support under $20K before moving up again. We see $18k as the next major level of support."
Bro, are you excited?
Hit 👍 if you believe Bitcoin will recoup shortly or 👎 if you foresee it at the $18k level!
$BTC returned to its January prices, leading $ETH and other coins down. Why did that happen? Several factors could cause this slip:
📌 Joe Biden's budget proposal revealed his plans to tax crypto mining companies by 30% of their used electricity cost (+10% by a year). These new expenditures can reduce their net profit and drastically affect the industry.
📌 Silvergate Capital Corporation decided to "voluntarily liquidate" Silvergate Bank. The bank was a major supporter of many crypto companies but had the issues we described before. So now we see it shutting down.
📌 The US Department of Justice moved 49k BTC (about $1 billion worth) seized from darknet marketplace Silk Road to Coinbase- and gov-controlled addresses. Will they care about not dropping the market when selling them? Huh.
Also worth noting
Joe DiPasquale, CEO of BitBull Capital, to Coindesk:
"As we have stated since January, we believe it [BTC] will test its support under $20K before moving up again. We see $18k as the next major level of support."
Bro, are you excited?
Hit 👍 if you believe Bitcoin will recoup shortly or 👎 if you foresee it at the $18k level!
The Silicon Valley Bank has collapsed, shaking the crypto & tech industry
Bro, it's the thing we definitely should start the week with. Some call this the second-largest bank crash since Washington Mutual Bank in 2008, and it sounds true. So let's unwrap what's happened.
Silicon Valley Bank is the leading bank for the US startup industry (2600+ companies) and many crypto firms. On December 31, it had $209.0 billion in total assets and about $175.4 billion in total deposits.
📌 On March 8, the bank released a financial update that showed it sold $21 bn worth of its securities holdings for a $1.8 bn loss.
📌 March 9, SVB launched a $2.25bn share sale to raise additional capital.
Considering the situation with Silvergate Bank, people began to worry. Therefore, the bank's parent company shares slithered by 62%.
📌 After, it was uncovered that five crypto-focused ventures advised portfolio companies to withdraw funds from SVB.
📌 March 10 Nasdaq stopped operations with SVB Financial Group shares.
📌 The same day, DFPI closed SVB and transferred the control to FDIC, which created the Deposit Insurance National Bank of Santa Clara to help the depositors.
The main startup driver has fallen, which may be a significant slowdown for the sphere. Not only because companies stored their operational cash there but also because of the loss of a substantial credit provider.
However, we're not finished yet.
$USDC has lost its peg and fell to $0.88. $DAI and $FRAX followed by $0.899 and $0.889.
📌 March 11 Binance has temporarily suspended auto-conversion of $USDC to $BUSD.
📌 Next, the USDC issuer Circle tweeted: "...$3.3 billion of the ~$40 billion of USDC reserves remain at SVB".
📌 A bit later, Coinbase announced they paused USDC:USD conversions.
That caused a sharp price decline, leading to troubles for many others. For example, DAI was 54% backed by USDC, and here's why it was not the best idea.
All this means the financial entities must change to gain stability. So, probably, we'll see more control and less trust shortly. Would you like it or not, Bro?
Bro, it's the thing we definitely should start the week with. Some call this the second-largest bank crash since Washington Mutual Bank in 2008, and it sounds true. So let's unwrap what's happened.
Silicon Valley Bank is the leading bank for the US startup industry (2600+ companies) and many crypto firms. On December 31, it had $209.0 billion in total assets and about $175.4 billion in total deposits.
📌 On March 8, the bank released a financial update that showed it sold $21 bn worth of its securities holdings for a $1.8 bn loss.
📌 March 9, SVB launched a $2.25bn share sale to raise additional capital.
Considering the situation with Silvergate Bank, people began to worry. Therefore, the bank's parent company shares slithered by 62%.
📌 After, it was uncovered that five crypto-focused ventures advised portfolio companies to withdraw funds from SVB.
📌 March 10 Nasdaq stopped operations with SVB Financial Group shares.
📌 The same day, DFPI closed SVB and transferred the control to FDIC, which created the Deposit Insurance National Bank of Santa Clara to help the depositors.
The main startup driver has fallen, which may be a significant slowdown for the sphere. Not only because companies stored their operational cash there but also because of the loss of a substantial credit provider.
However, we're not finished yet.
$USDC has lost its peg and fell to $0.88. $DAI and $FRAX followed by $0.899 and $0.889.
📌 March 11 Binance has temporarily suspended auto-conversion of $USDC to $BUSD.
📌 Next, the USDC issuer Circle tweeted: "...$3.3 billion of the ~$40 billion of USDC reserves remain at SVB".
📌 A bit later, Coinbase announced they paused USDC:USD conversions.
That caused a sharp price decline, leading to troubles for many others. For example, DAI was 54% backed by USDC, and here's why it was not the best idea.
All this means the financial entities must change to gain stability. So, probably, we'll see more control and less trust shortly. Would you like it or not, Bro?
❗️Bitcoin soared to $26K
Bro, BTC/USD is rocking today's #Communitymetre! Let's see why it reached its 9-month-high.
📈 The US finance regulators promised to help the depositors of SVB and Signature Bank.
📈 Western Alliance Bancorp and First Republic Bank shares fell by 80% and 50%.
📈 Joe Biden claimed the US banking system is safe. Right after, Bitcoin rose by 6%.
📈 Binance announced it would convert $1B worth of $BUSD to BTC and other cryptos.
📈 The core rate of US inflation increased to 0.5%.
All that became a solid background for $BTC growth
And what do indicators say about this?
The price has been moving from the lower Bollinger band and, amid the news, increased sharply, hitting the upper band twice. On the 4h chart, MACD lines are moving almost in parallel and showing no intentions of having an intersection: this supposes that the uptrend is tending to last. The 1d chart looks optimistic too.
🔥 Don't miss the party & trade BTC/USD on CEX.IO Broker without fees
Bro, BTC/USD is rocking today's #Communitymetre! Let's see why it reached its 9-month-high.
📈 The US finance regulators promised to help the depositors of SVB and Signature Bank.
📈 Western Alliance Bancorp and First Republic Bank shares fell by 80% and 50%.
📈 Joe Biden claimed the US banking system is safe. Right after, Bitcoin rose by 6%.
📈 Binance announced it would convert $1B worth of $BUSD to BTC and other cryptos.
📈 The core rate of US inflation increased to 0.5%.
All that became a solid background for $BTC growth
And what do indicators say about this?
The price has been moving from the lower Bollinger band and, amid the news, increased sharply, hitting the upper band twice. On the 4h chart, MACD lines are moving almost in parallel and showing no intentions of having an intersection: this supposes that the uptrend is tending to last. The 1d chart looks optimistic too.
🔥 Don't miss the party & trade BTC/USD on CEX.IO Broker without fees
Should I trade crypto or stocks?
Bro, if you ask yourself this question, firstly, decide how actively you want to trade:
💆♂️ If you want to have more time to think and analyze assets deeply, stocks may suit your style well
🏎️ If you like diversity and intensity, you may enjoy the crypto market
This difference is mainly caused by volatility — it's regularly higher in crypto
Hit 👍 if you knew that and 🤯 if you didn't!
Bro, if you ask yourself this question, firstly, decide how actively you want to trade:
💆♂️ If you want to have more time to think and analyze assets deeply, stocks may suit your style well
🏎️ If you like diversity and intensity, you may enjoy the crypto market
This difference is mainly caused by volatility — it's regularly higher in crypto
Hit 👍 if you knew that and 🤯 if you didn't!
Why and how Bitcoin correlates with the stock market?
Generally, correlation is a statistical relationship between several values, where a change of one value causes a similar or an opposite change of another.
📊 Bro, Bitcoin usually correlates with the stock market but hasn't always been so. BTC lived its own life, but approximately in 2020, institutional investors came in. They brought their strategies, behavior, and money. As a result, Bitcoin's market cap knocked on the $1 trillion's door.
📈 Oct. 19, 2021, the first crypto ETF from Bitcoin Strategy Fund was released on the NYSE: that may be considered a point where institutionals took over the BTC price, giving it a significant correlation.
But when the №1 crypto goes the opposite?
When institutionals use it for hedging. Bitcoin was born in the wake of the crisis as an escape from national economies. Thus, when Silicon Valley Bank crashed, a vast amount of capital was infused in $BTC — people were scared of the possible economic collapse.
Generally, correlation is a statistical relationship between several values, where a change of one value causes a similar or an opposite change of another.
📊 Bro, Bitcoin usually correlates with the stock market but hasn't always been so. BTC lived its own life, but approximately in 2020, institutional investors came in. They brought their strategies, behavior, and money. As a result, Bitcoin's market cap knocked on the $1 trillion's door.
📈 Oct. 19, 2021, the first crypto ETF from Bitcoin Strategy Fund was released on the NYSE: that may be considered a point where institutionals took over the BTC price, giving it a significant correlation.
But when the №1 crypto goes the opposite?
When institutionals use it for hedging. Bitcoin was born in the wake of the crisis as an escape from national economies. Thus, when Silicon Valley Bank crashed, a vast amount of capital was infused in $BTC — people were scared of the possible economic collapse.
🧮 Where's the Bitcoin price going?
Recently, $BTC jumped beyond $28,500, so everyone is certainly wondering where it will move next.
Bro, to be honest, there's never one right answer. BTC is a highly volatile asset influenced by a ton of almost random factors. However, we can assess these factors to raise our awareness!
For instance, even the opinions of two prominent financial figures, Robert Kiyosaki and Peter Schiff, differ (related to considering Bitcoin an inflation hedge).
Kiyosaki is for it, while Schiff is against it
Do your own research on their backgrounds if you want to learn why they think so, but, more importantly, never hesitate to build up your own vision 💪
Recently, $BTC jumped beyond $28,500, so everyone is certainly wondering where it will move next.
Bro, to be honest, there's never one right answer. BTC is a highly volatile asset influenced by a ton of almost random factors. However, we can assess these factors to raise our awareness!
For instance, even the opinions of two prominent financial figures, Robert Kiyosaki and Peter Schiff, differ (related to considering Bitcoin an inflation hedge).
Kiyosaki is for it, while Schiff is against it
Do your own research on their backgrounds if you want to learn why they think so, but, more importantly, never hesitate to build up your own vision 💪
👋 Bro! As our user, you must have noticed that our trading platform has moved to MyBro. So, now it's time to move to the MyBro Telegram channel!
A fresh XRP/USD analysis is already waiting for you there — feel free to join 💛
A fresh XRP/USD analysis is already waiting for you there — feel free to join 💛
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👋 Bro! As our user, you must have noticed that our trading platform has moved to MyBro. So, now it's time to move to the MyBro Telegram channel! A fresh XRP/USD analysis is already waiting for you there — feel free to join 💛
❗Kindly note that these changes do not affect your CEX.IO account
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