Cryptocurrency prices plunged to their lowest level in months.This crash happened after the collapse of Silvergate Capital.Silicon Valley Bank’s parent company is at the brisk of collapse.Cryptocurrency prices dived this week as concerns about technology and high-risk assets continued. Bitcoin plunged below $20,000 while Ethereum, BNB Coin, and Cardano plunged by more than 10% in just a few days. This decline happened after the collapse of <a href="https://coinjournal.net/news/silvergate-shares-tumble-after-company-says-its-shutting-down-crypto-bank/">Silvergate Capital</a> and the near-death experience of Silicon Valley Bank (SVB). In this article, we will do a prediction for Litecoin, Bitcoin Cash, and Tron.Litecoin price prediction<a href="https://coinjournal.net/litecoin/">Litecoin</a> price has nosedived in the past few weeks. It has fallen in the past five straight days and is now hovering at the lowest level since January 1 of this year. This decline happened after the coin formed a head and shoulders pattern, which is usually a bearish sign. It managed to move below the neckline of this pattern at $90.12. The coin has moved below all moving averages and the key support at $73.31. Litecoin has also become extremely oversold, with the Relative Strength Index (RSI) and the Stochastic Oscillator dipped. Therefore, the coin will likely continue falling during the weekend. This decline will depend on the nature of America’s jobs numbers and the performance of Silicon Valley Bank’s parent company, SVB. All indications are that the bank’s shares will continue dipping on Friday. Therefore, we can’t rule out a situation where Litecoin price crashes to about $60.<a href="https://media.igms.io/2023/02/10/1678451606245-f8c9c402-97a2-4441-a536-e99c713602ff.png">Media</a>How to buy LitecoineToroeToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.<a href="/visit/etoro-crypto?guid=MTA1MDQy&component=simple-table&language=en&country=US&state=VA&position=1&totalPositions=2">Buy LTC with eToro today</a> Disclaimer PublicPublic is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.<a href="/visit/public-crypto?guid=MTA1MDQy&component=simple-table&language=en&country=US&state=VA&position=2&totalPositions=2">Buy LTC with Public today</a> Disclaimer Bitcoin Cash price prediction<a href="https://coinjournal.net/bitcoin-cash/">Bitcoin Cash</a> price was not left behind in the ongoing crypto sell-off. It has dropped in the past five straight days and is now trading at the lowest point since January 11. In all, BCH price has dropped by more than 30% from the highest level this year. As it dropped, it moved below the key support level at $120.12, the lowest point on February 13. Therefore, like LTC, the coin will continue falling as sellers target the psychological level at $100. The stop-loss of this trade will be at $120. <a href="https://media.igms.io/2023/02/10/1678451606150-88928208-768b-4bb0-a740-921bd00b5c82.png">Media</a>How to buy BCHeToroeToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.<a href="/visit/etoro-crypto?guid=MTA1MDQy&component=simple-table&language=en&country=US&state=VA&position=1&totalPositions=2">Buy BCH with eToro today</a> Disclaimer PublicPublic is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.<a href="/visit/public-crypto?guid=MTA1MDQy&component=simple-table&language=en&country=US&state=VA&position=2&totalPositions=2">Buy BCH with Public today</a> Disclaimer Tron price prediction<a href="https://coinjournal.net/tron/">Tron</a> price also continued shrinking as it fell to the lowest level since…

The Ethereum price prediction is getting increasingly bullish after Vitalik Buterin’s recent comments about the network. However, it remains to be seen whether Ethereum can outperform the AltSignals ($ASI) crypto presale, as the new token is an exciting initiative that will serve a large existing Web3 project.Vitalik Buterin’s bullish crypto market predictionsVitalik Buterin’s crypto market predictions forecast bullish Ethereum price action over the coming years. In a recent <a href="https://www.youtube.com/watch?v=QXKqIIf6_AE">podcast appearance</a>, Buterin highlighted the launch of Ethereum during the 2015 bear market, the launch of Uniswap in 2018, and the completion of <a href="https://www.forbes.com/advisor/investing/cryptocurrency/what-is-ethereum-2-merge/">The Merge</a> in 2022, as key technological advancements that have and will move the industry towards mass adoption.The crypto market predictions from Vitalik Buterin have produced the largest ecosystem of decentralized applications (dApps) since Ethereum was launched in 2015. The Ethereum price prediction grows increasingly bullish with every market cycle, as crypto market predictions forecast that the Ethereum ecosystem will remain the largest ecosystem in <a href="https://ethereum.org/en/web3/">Web3</a>.What is Ethereum?Ethereum (ETH) was the first Turing complete blockchain. This means that it could support smart contracts and the development of dApps, which has led to over 2000 independent blockchain projects being built on the Ethereum network.Ethereum originally used a proof-of-work consensus mechanism. This caused congestion on the network as it grew, leading to slow transaction speeds and expensive gas fees. In 2022, Ethereum successfully transitioned to a proof-of-stake consensus protocol, which reduced the blockchain’s energy costs by 99%.Ethereum price prediction: Can ETH reach $2500 in 2023?The Ethereum price prediction is bullish, in line with the rest of the crypto market predictions. After rising 60% from its recent lows, the Ethereum price prediction now targets higher levels before the end of 2023.ETH has a key resistance level at the $2400 price level. The Ethereum price prediction forecasts that ETH will struggle to break through this resistance before the end of 2023, as it may retrace before reaching $2500.The wider crypto market predictions remain bullish on the long-term future of Ethereum. Crypto market predictions for the Ethereum network,which take layer-2 scaling solutions and thousands of independent dApps into consideration, will place the Ethereum price prediction at over $10,000 over time.What is AltSignals?<a href="https://token.altsignals.io/?utm_source=media&utm_medium=artc&utm_campaign=coinjournal&utm_term=internal_announcement&utm_content=as_members_launch&utm_id=15">AltSignals</a> is an industry-leading trading group, where accurate crypto market predictions have been shared among members since 2017. The project helps anyone to become an expert trader by sharing lucrative trading opportunities on a daily basis.AltSignals helps both beginners and professionals alike. New traders can minimize the learning curve as they embark on their crypto trading journey, while professionals can maximize their returns.AltSignals has already helped its some members to 10x their portfolio in 19 out of 32 months on record with its <a href="https://token.altsignals.io/">AltAlgo™</a> tool. Now, the project is offering an expanded suite of blockchain services and is launching the ASI token to make it happen.How does $ASI work?Holders of ASI tokens will have access to AltSignals’ new ActualizeAI tool, which will combine advanced artificial intelligence technologies to deliver unparalleled trading signals. Machine learning, natural language programming (NLP), and predictive modelling will be used to analyze complex market data sets. The tools will take a range of indicators, including market sentiment analysis, and determine the best entry levels for profitable crypto trades.The ASI token can also…

Degen Zoo NFT game has been developed in a record 30 days.Degen Zoo is derived from the abandoned Logan Paul’s abandoned Crypto Zoo project.Logan Paul had indicated that Crypto Zoo would take years to develop.DAO Maker (DAO/USD) founder Christoph Zaknun has launched the Degen Zoo game, an NFT game derived from Logan Paul’s abandoned Crypto Zoo. Zaknun developed the NFT game in a record 30 days single-handedly to disapprove of Logan Paul’s claim that his Crypto Zoo would take years to develop.Zaknun took the challenge to build the game in 30 days after Logan Paul, who is a popular YouTube star, released a video saying that Christoph Zaknun had no right to dictate the required development timeline. Zaknun further highlighted Paul Logan’s greed by pledging to donate all the profits from the game to charity.115k wallets lining up for the new gameAs of today, more than 115,000 crypto wallets have registered to join the Degen Zoo NFT game pledging over $700 million, which is a new record for crypto games.During the course of the game development whose progress Zaknun broadcasted daily, more than 250,000 people followed the Degen Zoo on Twitter.Degen Zoo has a deflationary token and an NFT collection featuring 120 endangered species. The game is designed to simulate the impact of capitalism on animal extinction. Players will be incentivized to “kill” their NFT-minted animal, pushing the collection to extinction to raise awareness of the devastating effects of human greed on wildlife.Degen Zoo testnetA testnet of the Degen Zoo was released a few days before the 30-day deadline and within a short while, 30,000 testnet transactions had been made by about 3,000 players.Christoph Zaknun is now proceeding with the mainnet release of Degen Zoo. The DAO Maker co-founder has exceeded the demand of previous GameFi release date benchmarks.The post Game from abandoned Logan Paul’s Crypto Zoo project developed in 30 days appeared first on CoinJournal.

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Ethereum price prediction after markets dump on multiple negative news.The New York Attorney has sued KuCoin for selling unregistered securities and not registering as a broker-dealer.Ethereum price could flip even lower if bulls fail to consolidate above $1,400.<a href="https://coinjournal.net/ethereum/">Ethereum price</a> fell below $1,400 on Friday morning as the broader cryptocurrency market bled amid several negative catalysts.As the price of Bitcoin dumped below $20,000, ETH price tanked nearly 10% to $1,379 after rejecting at highs of $1,545 on major exchanges. Ether is currently trying to recoup losses above $1,400 but remains well under the crucial $1,450 resistance line. Losses over the past 24 hours now stand around 8%, while it’s -14% over the past week.Ethereum price prediction: ETH, crypto markets dump on KuCoin newsEthereum price’s declines followed a broader crypto market rot that’s been witnessed for much of the week. Selloff triggers have included Silvergate Bank and overall uncertainty across financial markets aftr this week’s Fed Chair Jerome Powell’s testimony at the US Congress.On Thursday, more negativity crept into the crypto market after Silvergate announced it was winding down its crypto bank, spooking traders even further as ETH fell below $1,500.But downside pressure picked up after the New York Attorney General Letitia James <a href="https://ag.ny.gov/press-release/2023/attorney-general-james-continues-crackdown-unregistered-cryptocurrency-platforms">filed</a> a lawsuit against cryptocurrency exchange <a href="https://coinjournal.net/exchanges/kucoin/">KuCoin</a>. The price of KCS, the native <a href="https://coinjournal.net/kucoin-token/">KuCoin token</a>, fell after the news.As CoinJournal <a href="https://coinjournal.net/news/new-york-state-attorney-general-files-lawsuit-against-kucoin/">reported</a> today, the lawsuit claims that KuCoin has been selling crypto securities and has not registered as a broker-dealer in the state of New York. The lawsuit names ETH as one of the securities KuCoin illegally sold to customers.“The petition argues that ETH, just like LUNA and UST, is a speculative asset that relies on the efforts of third-party developers in order to provide profit to the holders of ETH. Because of that, KuCoin was required to register before selling ETH, LUNA, or UST,” NYAG noted in a press release.The lawsuit also alleges that KuCoin has sold unregistered securities to customers in the jurisdiction via its KuCoin Earn product. KuCoin Earn is a lending and staking product. The New York Attorney General’s office further complained that KuCoin had failed to register as a securities and commodities broker as required under law. As the market reacted to the news, Ethereum tanked – alongside other cryptocurrencies.Ethereum price prediction: short term technical outlookTo the bulls first:If sentiment flips positive and ETH/USD pops higher, the first major hurdle is near the $1,430 supply zone. Above that bids for $1,500 could push Ether prices to retest the $1,574 resistance level.But as on-chain data from Glassnode shows, ETH open interest (perpetual futures) just hit a three-month low going back to 16 December. Using this as an indicator of what market sentiment is like and possible price trend, we could say the bears are showing strength.📉 <a href="https://twitter.com/hashtag/Ethereum?src=hash&ref_src=twsrc%5Etfw">#Ethereum</a> <a href="https://twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw">$ETH</a> Open Interest in Perpetual Futures Contracts just reached a 3-month low of $763,589,131.87 on <a href="https://twitter.com/hashtag/Bybit?src=hash&ref_src=twsrc%5Etfw">#Bybit</a>Previous 3-month low of $766,048,123.11 was observed on 16 December 2022View metric:<a href="https://t.co/idKO9SSbFA">https://t.co/idKO9SSbFA</a> <a href="https://t.co/yPF66EG7Gz">pic.twitter.com/yPF66EG7Gz</a>— glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1634120842488471553?ref_src=twsrc%5Etfw">March 10, 2023</a>On…

FDIC closed Silicon Valley Bank today and took control of its deposits.Austin Campbell says it could actually be a benefit for Signature Bank.Shares of Signature Bank ended more than 20% down on Friday.Shares of Signature Bank (NYSE: SBNY) ended more than 20% down today following the collapse of its crypto banking peer SVB Financial.SVB marks one of the largest U.S. bank failuresOn Friday, the Federal Deposit Insurance Corporation closed the said bank and took control of its deposits – a development that particularly shook financial stocks since such a bank failure was last seen only during the global financial crisis.Remember that the news follows an announcement also from Silvergate Capital that it will liquidate its crypto bank. Consequently, a bunch of crypto companies in recent days picked Signature Bank as a replacement.Still, the New York-based commercial bank says it’s exposure to digital assets is fairly small. “SBNY” is now down about 35% for the year.Pro explains what it all means for Signature BankOn the plus side, Austin Campbell of Zero Knowledge Consulting expects both Silvergate and the SVB news to actually be a benefit for Signature Bank.He’s convinced that the diversified deposit base will help it avoid falling prey to the same structural weakness. In a tweet this afternoon, Campbell wrote:Keep in mind you have to be a forced seller. Deposits moving from SVB go to other banks so this is likely improving the position of competitors like SBNY.His view is in line with the JPMorgan analyst Vivek Juneja who also doesn’t expect the SVB fiasco to spill over to other banks. In January, Signature Bank said its net income increased just over 10% year-on-year in its fourth financial quarter.The post Pro: SVB collapse may put this crypto bank in a stronger position appeared first on CoinJournal.

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Circle said it failed to remove $3.3 billion from Silicon Valley Bank.SVB is under FDIC receivership following its collapse.USDC depegged following the news, falling 8% to hit lows of $0.91 on Saturday morning.Circle, the blockchain payments company that issues the USDC stablecoin, has confirmed that $3.3 billion worth of USDC reserves are stuck at the troubled Silicon Valley Bank.The latest cryptocurrency news around USDC comes after crypto markets sank on Thursday amid the collapse of SVB and Silvergate Bank.USDC depegs as Circle confirms $3.3 billion SVB exposureIn a tweet late Friday, Circle noted that efforts to remove its balances from the bank had failed on Thursday, meaning $3.3 billion of the stablecoin’s cash reserves remain at the bank.“Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB,” the firm noted.In a follow up tweet as it confirmed the exposure to the collapsed bank, the firm noted:“Like other customers and depositors who relied on SVB for banking services, Circle joins calls for continuity of this important bank in the U.S. economy and will follow guidance provided by state and Federal regulators.”Circle had earlier disclosed that SVB was one of six banking partners that held roughly 25% of the cash reserves for USDC. That includes Signature Bank and Silvergate Bank that recently announced it was liquidating.The full list of banks that held cash for Circle’s USDC are Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank (a division of Flagstar Bank, N.A.), Signature Bank, Silicon Valley Bank and Silvergate Bank.Read more: https://t.co/xzeyqRgk8D— unusual_whales (@unusual_whales) March 11, 2023Even as sentiment veered south, Circle had noted that it continued to “operate normally,” hinting that it was waiting for clarity on the impact of SVB’s FDIC receivership on depositors before providing more details.But with uncertainty rising, USDC lost its dollar peg, falling more than 8% to lows of $0.91 early Saturday.“A black swan failure in US banking system”Dante Disparte, the Chief Strategy Officer & Head of Global Policy at Circle, also commented on the unfolding events, noting that the company was “protecting USDC from a black swan failure in the US banking system.”“[SVB] is a critical bank in the US economy and its failure – without a Federal rescue plan – will have broader implications for business, banking and entrepreneurs,” he added.The post Circle says $3.3B of USDC reserves stuck at Silicon Valley Bank appeared first on CoinJournal.

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Bitcoin finds support at $20k Many cryptocurrency companies had exposure to SVB Bitcoin investors should keep an eye on the S&P 500 and the FedCryptocurrency investors had a rough 2022. Bitcoin and other major cryptocurrencies trended lower, affected by the FTX failure, which triggered a loss of faith in the industry.But the market started 2023 on a strong note. At one point, Bitcoin traded above $25k in February, after only a couple of months earlier, the price sat below $17k.However, the enthusiasm faded away quickly. Bad news, once again, weighed on Bitcoin. First, Silvergate Capital, a major banker to the crypto industry, announced that it would liquidate its bank. Hit hard by the FTX bankruptcy, it closed the bank.Second, Silicon Valley Bank collapsed on Friday. A bank run triggered the 2nd largest bank failure in the US history, and the repercussions spread to the cryptocurrency market, too, as SVB was popular with crypto companies.MediaBTCUSD chart by TradingViewBitcoin finds support at $20kAfter failing at $25k in February, Bitcoin started to give up some of its 2023 gains. The move below $22k opened the gates to a quick drop to $20k, where the market found support at the round number.Bitcoin’s volatility is well-known. Unfortunately, such sharp drops or quick gains are not unusual in the cryptocurrency market.Nevertheless, even after the recent drop, Bitcoin is still up significantly in 2023. Its YTD performance is 23.62%, remarkably considering the turbulences that affected investors’ trust.Recently, Bitcoin has also experienced an unusually high correlation with the US stock market. As such,  investors in the cryptocurrency market are keeping an eye on the S&P 500 index too. Affected by the Fed’s tightening cycle, the stock market had difficulty rallying – so did Bitcoin.Moving forward, how the Fed responds to the SVB failure remains to be seen. Also, what will it do at its March meeting – raise the funds rate by 25bp or 50bp? Until then, the chances favor a longer consolidation for Bitcoin price at around $20k.The post Silvergate Capital, SVB failures weigh on Bitcoin price appeared first on CoinJournal.

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Key takeawaysCrypto-friendly bank Signature Bank has been shut down by New York Banking authorities. The Federal Reserve said the decision was made to protect the US economy and strengthen public confidence in the banking system.Signature Bank’s closure comes days after the collapse of the Silvergate Bank and the Silicon Valley Bank.Another crypto-friendly bank has been closed downThe Federal Reserve announced on Sunday that the New York-based Signature Bank had been closed down by its state charter authority.This latest cryptocurrency news means that Signature Bank is the third major bank to shut down operations within the space of a week. In a statement issued on March 12, the Federal Reserve said the decision to shut down Signature Bank was made with the United States Federal Deposit Insurance Corporation (FDIC) to protect the U.S. economy and strengthen public confidence in the banking system.The United States apex bank added that they would backstop all depositors of Signature Bank. The Federal Reserve wrote;“We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.”The Federal Reserve pointed out that the move is designed to ensure that the United States continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth. The crypto market remains resilient The Fed said shareholders and certain unsecured debtholders would not be protected. Signature Bank’s shutdown makes it the third major bank to close operations within the space of a week. On March 9th, crypto-friendly bank Silvergate shut down its operations and voluntarily liquidated its assets. The bank said it made the decision in light of recent industry and regulatory developments.Silicon Valley Bank, a major bank for some crypto and tech startups, also collapsed last week. However, the crypto market has remained resilient.Bitcoin rose by nearly 10% on Sunday to trade above $22k after dropping below the $19k level last week. The total cryptocurrency market cap also stands above the $1 trillion level despite the ongoing FUD in the market.The post New York banking authorities shut down crypto-friendly Signature Bank appeared first on CoinJournal.

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FDIC closed Silicon Valley Bank today and took control of its deposits.Austin Campbell says it could actually be a benefit for Signature Bank.Shares of Signature Bank ended more than 20% down on Friday.Shares of Signature Bank (NYSE: SBNY) ended more than 20% down today following the collapse of its crypto banking peer SVB Financial.SVB marks one of the largest U.S. bank failuresOn Friday, the Federal Deposit Insurance Corporation closed the said bank and took control of its deposits – a development that particularly shook financial stocks since such a bank failure was last seen only during the global financial crisis.Remember that the news follows an announcement also from Silvergate Capital that it will liquidate its crypto bank. Consequently, a bunch of crypto companies in recent days picked Signature Bank as a replacement.Still, the New York-based commercial bank says it’s exposure to digital assets is fairly small. “SBNY” is now down about 35% for the year.Pro explains what it all means for Signature BankOn the plus side, Austin Campbell of Zero Knowledge Consulting expects both Silvergate and the SVB news to actually be a benefit for Signature Bank.He’s convinced that the diversified deposit base will help it avoid falling prey to the same structural weakness. In a tweet this afternoon, Campbell wrote:Keep in mind you have to be a forced seller. Deposits moving from SVB go to other banks so this is likely improving the position of competitors like SBNY.His view is in line with the JPMorgan analyst Vivek Juneja who also doesn’t expect the SVB fiasco to spill over to other banks. In January, Signature Bank said its net income increased just over 10% year-on-year in its fourth financial quarter.The post Pro: SVB collapse may put this crypto bank in a stronger position appeared first on CoinJournal.

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Synthetix has seen the volume of its perpetual futures jump.The network is gearing towards the launch of Synthetix V3.Synthetix (SNX/USD) price has staged a strong comeback in the past few days as investors cheer the upgrade to V3. It rose to a high of $3, which is much higher than the lowest level during the weekend at $2. Like other coins, SNX has soared by over 100% from its lowest point this year.SNX token surgesSynthetix, a leading player in the blockchain industry, is doing well. The SNX token is one of the best-performing coins in the world, according to data compiled by Binance. It has jumped by over 32% in the past 24 hours.There are several reasons why SNX is doing well. First, the on-chain volume shows that perpetual futures in the ecosystem is doing well. Its daily volume surged to more than $100 million. Daily fees in the Perps futures has jumped to over $67k in the past seven days. And as shown below, the cumulative perps volume has been in a strong bullish trend. Therefore, investors believe that Synthetix’s ecosystem is doing well even as challenges continued.MediaSecond, Synthetix is doing well is because of its upgrade to V3. The V3 is a big upgrade that will be much different from the existing platform. It will provide a permissionless derivatives liquidity platform to power on-chain financial products. It will transform the network into a layer of liquidity that all derivatives can be built upon.In a statement, the developers said that Synthetix will release these upgrades to the upcoming months. The initial release has already happened and will be followed by the collateral agnostic system and V3 spot market. The order types in V3 will be atomic orders, asynchronous orders, and wrapping. Like other cryptocurrencies, SNX price is reacting to the developments in the banking sector. Silicon Valley Bank and Signature Bank closed last week. Circle’s funds at Silicon Valley Bank will be released. SNX price predictionMediaSNX chart by TradingViewThe daily chart shows that the Synthetix price has made a strong comeback in the past few days. It has managed to move above the 50-day exponential moving average. However, it has formed what looks like a shooting star pattern, which is usually a bearish sign. It sits at an important level since this price was the highest point on November 5.Therefore, there is a likelihood that Synthetix will pull back in the coming days because of the shooting star pattern. If this happens, the next key level to watch will be at $2.50, which is the 50-day moving averageThe post Synthetix’s SNX price soars as Synth perps volume spikes appeared first on CoinJournal.

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USDC has re-pegged to $0.99 after crashing to lows of $0.88 last week.Circle, the company that issues the stablecoin, has announced the $3.3 billion risk on USDC reserves has been removed.The firm also noted it had no USDC reserves exposure with Signature Bank.The USD Coin (USDC) stablecoin is nearly fully re-pegged following last week’s massive de-pegging to under $0.90.Data from CoinGecko showed that USDC had repegged nearly 4% in the past 24 hours, with the stablecoin above $0.99 as of 7.20 am ET on Monday. As tweet below from CoinGecko indicates, USDC has indeed held impressively above $0.99 since late Sunday.$USDC is now at $0.993 following a joint statement from the Federal Reserve, Treasury Department and FDIC that all depositors in Silicon Valley Bank will be made whole and have access to their funds on Monday. pic.twitter.com/Y7GsTS6W3Z— CoinGecko (@coingecko) March 13, 2023The upbeat mood stemming from the USDC news has also permeated the broader crypto market, with Bitcoin price breaking above $22,000 and Ethereum reclaiming the $1,600 price level.On Monday morning, Circle announced it was set to have its $3.3 billion USDC reserves that had been stuck at the collapsed Silicon Valley Bank (SVB) back. The development follows the move by the US Treasury and US prudential regulators’ swift action towards making depositors at SVB and the now shuttered crypto-friendly bank Signature Bank, whole.Alfonso Peccatielo, founder & CEO of The Macro Compass, highlighted the Fed’s move and plans to “backstop other liquidity issues.”This is how the Fed intends to backstop other liquidity issues: a new facility called Bank Funding Term ProgramThe idea is to provide banks with an alternative to liquidate their bond holdings when in need of raising liquidity to meet deposit outflowsTwo important points:3/ pic.twitter.com/XJaFU1YQYk— Alf (@MacroAlf) March 12, 2023Circle says also announces “no exposure” to collapsed Signature BankAccording to Circle, the $3.3 billion at SVB accounted for about 8% of the entire USDC cash reserve backing. These money will be available when banks open (on Monday, 13 March 2023). Circle has cash reserves amounting to approximately $9.7 billion (23% of reserves) at the BNY Mellon.Commenting on the US government’s move, Circle co-founder & CEO Jeremy Allaire, said in a press release:“We are heartened to see the U.S. government and financial regulators take crucial steps to mitigate risks extending from the banking system. We’ve long advocated for full-reserve digital currency banking that insulates our base layer of internet money and payment systems from fractional reserve banking risk.”Also notably, Circle has also reiterated that it had no cash reserves exposure at the closed Signature Bank. The company has also announced customers can now access automated USDC minting and redemption via its new banking partner Cross River Bank, maintaining USDC is redeemable 1:1 with the US dollar.The post USDC bounces to $0.99 as Circle’s $3.3B reserve risk is removed appeared first on CoinJournal.

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Key takeaways;Bloxmith has launched its web3 game, Raiders Rumble, on the flow blockchain.The project has organised a gaming competition where players can win $120,000 in FLOW tokensThe game is available for download on Google Play Store and the Apple Store.Raiders Rumble launches on the Flow blockchainBloxmith, the player-first Web3 gaming studio, announced on Sunday that its Raiders Rumble game has launched on the Flow blockchain. Raiders Rumble is a unique 1v1 squad battler game for mobile powered by the Flow blockchain.In a press release shared with Coinjournal, the team said the game is now available for download on the Google Play Store and the Apple Store.While commenting on this latest cryptocurrency news, Bloxmith Co-founder and CEO Wayne Lee stated that;“For our first game, we wanted to pioneer a new type of competitive mobile strategy game that would help bridge the gap between traditional and Web3 gamers. We are delighted to be working on the Flow blockchain – it solves the scalability problem for games and digital collectibles. With frictionless onboarding, social logins and familiar payment methods, Flow is built from the ground up to make it easier for mainstream users and brands to transition from Web2 to Web3.”According to Bloxmith, Raiders Rumble challenges players to apply fast-paced strategic decision-making in countering the moves of their opponents. The game features a daily rotation of tournament modes where the top 50 percent of participants can win in-game items or RUMB tokens, the native token of the Raiders Rumble game. Playing the game doesn’t require a cryptocurrency wallet or nonfungible tokens (NFTs). Gamers can win $120,000 in the inaugural competitionChirag Narang, Head of Product at Flow, stated that“Raiders Rumble is a compelling example of a mobile game that can simultaneously appeal to a mainstream audience while introducing them to the power of Web3 gaming powered by Flow. The Bloxmith team’s innovative take on game design and player onboarding aligns strongly with Flow’s vision and goals for our ecosystem around gaming and onboarding mainstream users to Web3.”To celebrate the launch of the game, Raiders Rumble will host three Flow-sponsored bonus tournaments. The team revealed that gamers could win $120,000 in FLOW tokens. These Flow-sponsored tournaments are scheduled to take place between March 23-31, Bloxmith concluded. Bloxmith was launched in 2021 by a group of passionate gaming veterans from Riot Games, Blizzard Entertainment, Pumpkin VR and Facebook Gaming. Bloxmith’s mission is to create player-first games that are still fun even after 1000+ plays.FLOW, the native coin of the Flow blockchain, has performed well over the last 24 hours. At press time, the price of FLOW stands at $0.924, up by more than 6% so far today.The post Bloxmith’s Raiders Rumble goes live on the Flow blockchain appeared first on CoinJournal.

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<strong>Singapore, Singapore, 13th March, 2023, Chainwire</strong><a href="http://www.binaryx.pro">BinaryX</a> announced today the upcoming release of a space-building simulation game, Project Matthew. The team just released the trailer video which gives a first look at the game, and is also opening registration for their Closed Beta Test happening soon.<b>Introducing Project Matthew: The Exciting New Space-Building Game
</b> Project Matthew is an upcoming space-building simulation game developed and published by developer BinaryX. The game takes place in outer space, where players have taken over as landlords of a distant land called Matthew. The goal of the game is for players to build their own extraterrestrial cities, by setting up industrial production lines that produce resources for further development.<b>Develop A City
</b> The adventure begins as players are given an NFT plot to start their city. Players can build different types of helper robots that will contribute different skills to scavenge, battle, or explore new territories to develop the city.<b>Lead A Virtual Army
</b> Players can recruit a robot army with different skills and abilities, and challenge enemies on the battlefield to earn massive rewards. The battlefield is divided into different levels of difficulties. The more difficult the level, the greater the rewards.<b>Explore Space
</b> Exploration is one of the primary ways to obtain rewards and resources in Project Matthew. The gameplay features a collection of neighboring and faraway planets waiting to be explored.“Project Matthew is our biggest project for the first half of 2023. We wanted to bring in new genres of games into the BinaryX ecosystem, and this game is the first ever simulation game that we will have on our platform. We want our players to immerse themselves in space as landowners and explorers. We’re really excited to welcome a whole new group of space enthusiasts and simulation gamers into our expanding community”, said Rudy S., Global Head of Business Operations and Development of BinaryX.Watch the official trailer:<b>Closed Beta Test Opens For Registration</b><a href="https://coinjournal.net/wp-content/uploads/2023/03/test_1678701899fwmglOSHKp.jpg">Media</a>BinaryX is kicking off the launch of Project Matthew with a Closed Beta Test. Registration starts on 13 Mar, 9 PM UTC+8, and closes on 20 Mar 6 PM UTC+8.The Closed Beta Test will be available to Windows users only, with more details to be revealed on their registration page and social media channels.Register for the closed beta test <a href="https://bit.ly/3Je4dvw">here</a>.<b>About BinaryX</b>BinaryX is the GameFi platform behind play-to-earn games <a href="http://bit.ly/3DUVCeK">CyberDragon</a> and <a href="https://bit.ly/cyberchess">CyberChess</a>, both of which run on the BNB chain.BinaryX began as a decentralised derivative trading system. The team gradually evolved into developing decentralised video games, and is now a GameFi platform offering <a href="http://bit.ly/3UEZXtP">IGO services</a> to bridge Web2 developers to Web3.As one of the top 10 projects on the BNB Chain, BinaryX has a vast community of more than 100k coin holders and 17K monthly active wallets. It is also one of the largest metaverse projects by trading volume on the BNB chain, with more than 200 million in market cap. BinaryX also has a token, $BNX, that has consistently demonstrated strong performance despite the bear market.For more details and information about BinaryX, please visit <a href="http://bit.ly/3DUVCeK">www.binaryx.pro</a><a href="http://bit.ly/3O0zzbe">About BinaryX deck </a>Find us on social media: <a href="http://bit.ly/3DUVCeK">BinaryX</a> | <a href="https://bit.ly/3A1DXRr">Twitter</a> | <a href="https://bit.ly/3TEiZzb">Discord</a> | <a href="http://bit.ly/3TpKoon">Telegram</a> | <a href="http://bit.ly/3fMTbD7">YouTube</a> | <a href="http://bit.ly/3ULfQhD">Medium</a>ContactCommunications Lead, Kora K., BinaryX, marketing@binaryx.proThe post <a href="https://coinjournal.net/news/binaryx…

HSBC bought the UK arm of collapsed US bank Silicon Valley Bank (SVB) for £1.SVB collapsed last week, sending shock waves across the banking and finance industry as well as crypto.Businesses and customers can now continue to access withdrawals as normal.HSBC, the British multinational bank and financial services giant, has acquired the UK arm of the collapsed Silicon Valley Bank.According to a BBC news report on Monday, HSBC has scooped up the SVB unit for just £1.Bank of England and HM Treasury work to help SVB customersThe last few days have been a real scare to millions of bank customers and businesses, not just in the US but also in the UK. The main story here has been the demise of Silicon Valley Bank – deemed the second largest such banking collapse in US history in terms of the amount of money involved.The market reaction was drastic, with bank stocks hit hard as contagion fears mounted. Cryptocurrencies also plummeted as Silicon Valley Bank was one of the main crypto-friendly banks, alongside Silvergate Bank and Signature Bank. As CoinJournal reported earlier today, US authorities have shut down the latter.As the US Treasury and FDIC worked to avert a calamity for SVB depositors, including moving to shut down Signature Bank, authorities in the UK also took cue to help UK-based customers. This is after hundreds of tech firms had sounded the alarm as SVB collapsed.The Bank of England and the UK government reportedly worked overnight Sunday to strike a deal between SVB (UK) and HSBC. With the acquisition now in place, around 3,000 businesses are set to access their money.According to a news update from the HM Treasury, the HSBC-SVB deal did not involve any taxpayer money.The post HSBC buys UK arm of Silicon Valley Bank for £1 appeared first on CoinJournal.

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Bitcoin price rose to around $22,600 on Sunday after rallying 11% from below $20,000. Technical analyst Rekt Capital says Bitcoin has cancelled a double top formation.A successful retest of $21,700 zone could see BTC continue short term upside recovery.Bitcoin has retested the $22,600 level after dropping sharply to trade under $20,000 last week.While the benchmark cryptocurrency currently trades around $22,350 and is 9% up in the past 24 hours, the short term outlook suggests an invalidation of a bearish pattern that had bears eyeing another leg towards the low $19,000s. Bitcoin price prediction: What next after weekly close at $21,770?Crypto analyst Rekt Capital has updated his outlook for BTC price after the coin’s value successfully broke from below $20,000. This recent #BTC drop to ~$19550 and this recent recovery to ~$22600 just shows how a great opportunity can quickly come by and then equally quickly pass by$BTC #Crypto #Bitcoin— Rekt Capital (@rektcapital) March 13, 2023According to the technical analyst, the weekly close above $21,770 could provide fresh bullish impetus as it has cancelled a double top formation on the weekly chart.“It’s incredible how the #BTC Weekly Close of last week invalidated the Double Top formation. The Double Top initially played out to see price drop into the $19000s, but ultimately, $BTC Weekly Closed above $21770 to cancel out the Double Top,” the popular crypto analyst shared via Twitter.As noted above, Bitcoin price rose to highs of $22,600 across major cryptocurrency exchanges late Sunday. This was after positive news around the collapsed Silicon Valley Bank buoyed stock futures and saw the de-pegged USDC bounce to just shy of its US dollar parity.Trading Monday has seen some profit taking deals force BTC to give up gains. However, the flagship cryptocurrency has successfully retested its range low as immediate support. It is possible BTC/USD will continue this intra-range consolidation, Rekt Capital has predicted.Looking at the technical picture as seen on the daily chart, we see another successful daily close above $21,700. While Bitcoin could continue higher, a pullback to the level might happen. Breaking higher from this zone once again could catalyse further upside momentum, with next targets in the $23,400 region.#BTC has performed a strong Daily Close above the $21770 level$BTC could see a dip soon into that same level for a retest attemptSuccessful retest there and BTC would enjoy continuation to the upside#Crypto #Bitcoin pic.twitter.com/7VU0Zf73KN— Rekt Capital (@rektcapital) March 13, 2023The post Bitcoin price prediction: BTC weekly close invalidates double top formation appeared first on CoinJournal.

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People in the crypto space are talking about the Metaverse as a revolutionary innovation that will transform the Internet as we know it. As its name suggests, Metaverse means “beyond the universe”, describing a virtual reality space where users can engage with each other in real time. For example, developers can create parks, buildings or other things that don’t actually exist. While some perceive it as an extension of the current Internet, others see the Metaverse as an entirely new space. This concept is still in its early stages, and its exact form and use cases are still being explored.How the Metaverse was bornThe term metaverse first appeared in Neal Stephenson’s novel ‘Snow Crash’, in 1992. In the book, it referred to a virtual reality world experienced from a first-person point of view through reality goggles. The Metaverse existed in some form before; for instance, immersive games like World of Warcraft and Second Life have fascinating 3D worlds where you can use your avatar to interact with others. These games have different themes; while the former focuses on fun, the latter focuses on the social aspect. Social network platforms such as TikTok, YouTube and Facebook are also pieces of the Metaverse, even if they may not seem so at first glance. But Facebook itself is a mini-internet if you think about it, as its content has become image based. In the future, the platform will likely pivot even harder into the Metaverse, becoming graphically immersive.Crypto and its connection to the MetaverseThe purpose of Metaverse is to give people the opportunity to experience an augmented reality that surpasses physical reality. But for the Metaverse to function correctly, it requires the immutability of the blockchain. Since hacks are a significant issue in the virtual environment, people need to operate on a secure platform. Fortunately, that can be achieved through blockchain, which enables fast confirmation of information and ensures secure transactions. Thus, blockchain and <a href="https://coinjournal.net/cryptocurrencies/">crypto assets</a> are vital components of virtual reality. Both individuals and institutions can perform online transactions and check the current bitcoin price – all in real-time – by using an exchange like <a href="https://www.binance.com/en/price/bitcoin">Binance</a>. The trend towards online payments has been growing in recent years, along with the widespread adoption of e-commerce and the rising popularity of digital platforms. The COVID-19 pandemic has also accelerated this trend, as more people have turned to online shopping and digital payments due to lockdowns. Blockchain technology and crypto provide an additional layer of transparency to online transactions, and the increasing adoption of crypto payments by major payment processors like PayPal and Mastercard is a sign of the rising mainstream acceptance of these technologies. This trend will likely keep evolving in the future, and the Metaverse will become an environment where engagement and transactions occur in real time.Understanding how the Metaverse worksThe Metaverse can be grouped into two different categories of platforms. The first category involves using blockchain technology – specifically cryptos and NFTs- to create decentralized virtual worlds. These platforms, such as <a href="https://coinjournal.net/the-sandbox/buy/">The Sandbox</a>, and <a href="https://coinjournal.net/decentraland/buy/">Decentraland</a>, enable users to buy virtual land and develop their own digital assets and use them to create unique virtual experiences. The second category of Metaverse platforms focuses on offering users a virtual space where they can meet and interact with each other, and engage in different activities, like socializing, entertainment, and business. These platforms are more centralized and backed by large organizations. Both categories of platforms involve unique features and use cases, sharing a common goal of providing users with a virtual space where they can interact with each other…

Bitcoin breaks above $24,000 as positive sentiment pushes BTC higher.Analysts say BTC remains in “danger zone” unless bulls break and hold $25k.IntoTheBlock analysts suggest the next major target could be $30,000.<a href="https://coinjournal.net/bitcoin/">Bitcoin</a> broke above the $24,000 level, soaring a massive $4,000 candle in just over 24-hours to leave bulls targeting a new breakout above $25,000.In our Bitcoin price prediction <a href="https://coinjournal.net/news/bitcoin-price-prediction-btc-weekly-close-invalidates-double-top-formation/">article</a> this morning, we highlighted an analysis by popular crypto analyst Rekt Capital. In it, the analyst simply pointed to Bitcoin price having invalidated a double top formation when it rallied from under $20,000 to a weekly close above $21,770.According to the analyst’s technical outlook for BTC, a break higher was likely given the retest of range lows on the daily chart.While he suggested a continued range consolidation, he pointed to the potential for bulls to break higher. That came sooner as BTC forced its way above $24,000 amid a spectacular bounce for cryptocurrencies after last week’s sharp declines. But can Bitcoin maintain this upside momentum? Here are what some analysts are saying:Bitcoin price spikes above $24K – analysts share technical outlookAt current prices, Bitcoin is about $500 “from challenging the macro downtrend,” Rekt Capital has noted. If this happens, BTC could be poised for a huge breakout – possibly with a new macro uptrend in the picture on the monthly chart.“<em>BTC Monthly RSI looks like it has successfully retested the 2015 & 2018 Bear Market Bottom area as new support</em>,” he added in another tweet.According to the analyst, Bitcoin still needs to break the macro downtrend line at $25k for a technical breakout in March. Maintaining the positive outlook could see BTC break the macro downtrend in April with breakout price point around $23,400.The Macro Downtrend <a href="https://twitter.com/hashtag/BTC?src=hash&ref_src=twsrc%5Etfw">#BTC</a> breakout price for the month of March is ~$25000But in April, the <a href="https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw">$BTC</a> Macro Downtrend breakout price will be ~$23400If BTC keeps this up heading into April, it will register a technical breakout just by maintaining the highs<a href="https://twitter.com/hashtag/Crypto?src=hash&ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/9VWI54oql4">pic.twitter.com/9VWI54oql4</a>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1635314003814801408?ref_src=twsrc%5Etfw">March 13, 2023</a>Like Rekt Capital, crypto analyst Altcoin Sherpa <a href="https://twitter.com/AltcoinSherpa/status/1635308116576436225">suggests</a> bulls aren’t completely out of the woods yet. For him, the price needs to break above and hold support at $25,000. If not, BTC remains in “<em>a danger zone</em>.”“<em>BTC: Some high time frame resistance areas, I view this current area as a danger zone. 1W 200 EMA + S/R level that price couldn’t break over a few weeks. If we flip $25k soundly, I think we blitz to 30kish areas</em>.”<a href="https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw">$BTC</a>: Some high time frame resistance areas, I view this current area as a danger zone. 1W 200 EMA + S/R level that price couldn't break over a few weeks. If we flip $25k soundly, I think we blitz to 30kish areas. <a href="https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/hashtag/BTC?src=hash&ref_src=twsrc%5Etfw">#BTC</a> <a href="https://t.co/dpcRWPf0M1">pic.twitter.com/dpcRWPf0M1</a>— Altcoin Sherpa (@AltcoinSherpa) <a href="https://twitter.com/AltcoinSherpa/status/1635308116576436225?ref_src=twsrc%5Etfw">March 13, 2023</a>According to IntoTheBlock, Bitcoin faced a significant hurdle in the $22,650- $23,325 region after bulls’ strong bounce in…

<strong>Singapore, Singapore, 13th March, 2023, Chainwire</strong><a href="http://www.binaryx.pro">BinaryX</a> announced today the upcoming release of a space-building simulation game, Project Matthew. The team just released the trailer video which gives a first look at the game, and is also opening registration for their Closed Beta Test happening soon.<b>Introducing Project Matthew: The Exciting New Space-Building Game
</b> Project Matthew is an upcoming space-building simulation game developed and published by developer BinaryX. The game takes place in outer space, where players have taken over as landlords of a distant land called Matthew. The goal of the game is for players to build their own extraterrestrial cities, by setting up industrial production lines that produce resources for further development.<b>Develop A City
</b> The adventure begins as players are given an NFT plot to start their city. Players can build different types of helper robots that will contribute different skills to scavenge, battle, or explore new territories to develop the city.<b>Lead A Virtual Army
</b> Players can recruit a robot army with different skills and abilities, and challenge enemies on the battlefield to earn massive rewards. The battlefield is divided into different levels of difficulties. The more difficult the level, the greater the rewards.<b>Explore Space
</b> Exploration is one of the primary ways to obtain rewards and resources in Project Matthew. The gameplay features a collection of neighboring and faraway planets waiting to be explored.“Project Matthew is our biggest project for the first half of 2023. We wanted to bring in new genres of games into the BinaryX ecosystem, and this game is the first ever simulation game that we will have on our platform. We want our players to immerse themselves in space as landowners and explorers. We’re really excited to welcome a whole new group of space enthusiasts and simulation gamers into our expanding community”, said Rudy S., Global Head of Business Operations and Development of BinaryX.Watch the official trailer:<b>Closed Beta Test Opens For Registration</b><a href="https://coinjournal.net/wp-content/uploads/2023/03/test_1678701899fwmglOSHKp.jpg">Media</a>BinaryX is kicking off the launch of Project Matthew with a Closed Beta Test. Registration starts on 13 Mar, 9 PM UTC+8, and closes on 20 Mar 6 PM UTC+8.The Closed Beta Test will be available to Windows users only, with more details to be revealed on their registration page and social media channels.Register for the closed beta test <a href="https://bit.ly/3Je4dvw">here</a>.<b>About BinaryX</b>BinaryX is the GameFi platform behind play-to-earn games <a href="http://bit.ly/3DUVCeK">CyberDragon</a> and <a href="https://bit.ly/cyberchess">CyberChess</a>, both of which run on the BNB chain.BinaryX began as a decentralised derivative trading system. The team gradually evolved into developing decentralised video games, and is now a GameFi platform offering <a href="http://bit.ly/3UEZXtP">IGO services</a> to bridge Web2 developers to Web3.As one of the top 10 projects on the BNB Chain, BinaryX has a vast community of more than 100k coin holders and 17K monthly active wallets. It is also one of the largest metaverse projects by trading volume on the BNB chain, with more than 200 million in market cap. BinaryX also has a token, $BNX, that has consistently demonstrated strong performance despite the bear market.For more details and information about BinaryX, please visit <a href="http://bit.ly/3DUVCeK">www.binaryx.pro</a><a href="http://bit.ly/3O0zzbe">About BinaryX deck </a>Find us on social media: <a href="http://bit.ly/3DUVCeK">BinaryX</a> | <a href="https://bit.ly/3A1DXRr">Twitter</a> | <a href="https://bit.ly/3TEiZzb">Discord</a> | <a href="http://bit.ly/3TpKoon">Telegram</a> | <a href="http://bit.ly/3fMTbD7">YouTube</a> | <a href="http://bit.ly/3ULfQhD">Medium</a>ContactCommunications Lead, Kora K., BinaryX, marketing@binaryx.proThe post <a href="https://coinjournal.net/news/binaryx…

Key TakeawaysCrypto volatility is back up to levels last seen when FTX collapsed in November$791 million of liquidations rocked investors between Thursday and Sunday$383 million of longs were liquidated on Thursday and Friday, the largest 48-hour number of the yearNews that deposits will be made whole at SVB propelled the market upwards late on Sunday, with $150 million of short sellers liquidated as Bitcoin retook $22,000Despite Fed move stablising prices and 2023 showing a bounceback, the long-term implications for the crypto market are negative here and should concern investorsFor once, it’s not crypto doing the collapsing. Trad-fi was feeling left out of the party, evidently, as the banking sector wobbled in a big way this weekend. Silicon Valley Bank (SVB) is no more, in what amounts to the largest collapse of a US bank since 2008, when Lehman Brothers pulled its best Satoshi Nakamoto impression and disappeared into the ether (pun not intended). While the drama may have centred in trad-fi, crypto bounced around aggressively over the weekend as a variety of knock-on effects rumbled. SVB was a crypto-friendly bank, as was Silvergate, which was announced to also be winding down last night. This, as well as the fact that the entire financial markets wobbled, meant crypto faced a storm. We have dug into some of the movements here at <a href="http://www.coinjournal.net">https://coinjournal.net/</a> to sum up the carnage. Liquidations With violent price swings, liquidations were inevitable. Longs got caught out badly on Thursday and Friday, as the <a href="https://coinjournal.net/bitcoin/">Bitcoin price</a> fell south of $20,000. There were $249 million of long liquidations across exchanges on Thursday, with Friday bringing an additional $134 million. The $383 million of long liquidations was the most in any 48 hour period this year. <a href="https://media.igms.io/2023/02/13/1678730039766-7d4e2d62-777c-486e-84f0-1723854e4bcf.jpg">Media</a>VolatilityObviously, liquidations stem from volatility. Looking at Bitcoin to dissect the extent of the movements, the volatility is now back up to levels last seen when <a href="https://coinjournal.net/news/ftx-insolvent-what-next-for-crypto/">FTX collapsed</a> in November. The chart below shows that the metric had been rising steadily, before SVB going poof kicked it back up to a mark 3-Day volatility mark of 50%, last seen when Sam Bankman-Fried’s fun and games were revealed to the public.<a href="https://media.igms.io/2023/02/13/1678729778081-9795f1d0-d60c-400b-bd47-909475c1c827.jpg">Media</a>“We have been seeing relatively muted action in the crypto markets since the FTX collapse last November” said Max Coupland, Director of CoinJournal. “The SVB event served to kick volatility back up to levels we last saw amid all the crypto scandals of last year – not only FTX, but Celsius, LUNA etc. The difference with this event is that the crash was sparked in trad-fi for a change”.Crypto bounces backBut all is well that ends well. Or something along those lines, as despite SVB going under, the Fed announced last night, after a weekend of chaos, that all deposits at SVB would be made whole. The bail-out (if you can call it that, as SVB is still going under) quelled up fear in the markets that the issue could become systemic. Crypto roared back, with Bitcoin spiking back up to $22,000 at time of writing. And this time, it was shorts who got caught offside, with $150 million liquidated across the market Sunday. Perhaps the biggest winner of all was the world’s second-biggest stablecoin, USDC. 25% of the stablecoin’s reserves are backed by cash. Crucially, 8.25% ($3.3 billion) of reserves were (are) trapped in SVB, with the stablecoin dipping below 90 cents on several major exchanges over the weekend. 1/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB.— Circle (@circle) <a href="https://twitter.com/circle/s…

Filecoin’s native token FIL spiked 24% to around $6.44 on Monday.The launch of the Filecoin Virtual Machine (FVM), expected on 14 March, has the community buzzing.FVM brings smart contracts and network programmability to the Filecoin network.Filecoin, a decentralised storage network that allows users to access efficient blockchain-based file storage at low, is hours away from a major network upgrade. The excitement around the new features that come with the upgrade, alongside broader market exuberance, has helped push the value of the native FIL token higher.Filecoin price todayFIL was trading around $6.36 at 2:00 pm ET on Monday, up more than 24% in the past 24 hours. According to data from TradingView, the cryptocurrency’s price had touched an intraday high of $6.44 on major crypto exchange Coinbase.Per the market data from CoinGecko, the file storage platform’s native token has jumped more than 32% over the past month.MediaFilecoin price chart showing FIL jumped to $6.50 on Coinbase on Monday. Source: TradingViewWhy did Filecoin price rally?The broader cryptocurrency market has rallied hard in the past 24 hours, with massive buying pressure on Monday as the markets reacted to news of the US government working to backstop failed banks. As CoinJournal reported, the sentiment flip saw Bitcoin add over $4,000 in 24 hours as bulls rallied to prices above $24,000. Most altcoins also soared, with the total cryptocurrency market cap rising nearly 15% to over $1.16 trillion.But for Filecoin, as noted above, the upside momentum also included buyside pressure catalysed by an upcoming network upgrade.  In February, the Filecoin developer team announced that the Filecoin Virtual Machine (FVM) would go live in March.The price of FIL tokens jumped more than 26% on the day after the Filecoin news reached the market. Just like then, the latest price surge comes as the developer team confirmed that FVM would go live on Tuesday, 14 March 2023. This is because the upgrade is set to introduce smart contracts, allowing for the creation and deployment of decentralised applications (dApps) on Filecoin. The FVM upgrade also unlocks features such as collateral lending and liquid staking.“Basically – if you regard the Filecoin storage network as a massive decentralized data warehouse whose state is being constantly proven to the public, you can think of the FVM as a programmable controller for it,” the Filecoin team noted last week.The post FIL jumps 24% as Filecoin community eyes major network upgrade appeared first on CoinJournal.

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More and more people are interested in investing in cryptocurrencies – this also applies in Germany. Bitcoin is of course particularly popular. This digital currency has existed since 2009, which is not controlled centrally and was therefore unique from the start. However, the price of Bitcoin is very volatile. Again and again there are enormous swings up and down within a very short time. Traders can benefit from this and achieve enormous profits with the right forecast.Of course, bitcoin trading is not about a long-term investment. Anyone who assumes that Bitcoin will increase in value over a period of several years should not pay attention to the daily price fluctuations. Trading, on the other hand, is all about short-term positions. These can also be opened or closed around the clock – trading with cryptocurrencies has no fixed trading hours.Trading and analysis methodsThere are different methods of trading and you should know the advantages and disadvantages of each. In so-called day trading, investors want to make profits on the basis of short-term falling or rising prices. Spread over the day, you usually conclude several trades, which should be closed at the end of the day. Scalping, on the other hand, relies on positions that run even shorter. Here the focus is on very small profits, so returns require many successful trades. At the same time, the risk can be minimized. Finally, swing trading, which involves larger price cycles, should also be mentioned. Individual positions are held for weeks or months.Regardless of the type of trading you decide to do, it’s important to keep an eye on breaking news. After all, the collapse of the crypto exchange FTX in November 2022 was hardly foreseeable, but it caused enormous falls in the price of Bitcoin and other cryptocurrencies within a few days. These setbacks also came at the end of a year that had seen little good news for the industry as a whole. In 2023, traders should therefore expect that news and even rumors about the regulation of certain aspects of cryptocurrencies can cause high price movements in the short term.Looking at the year as a whole, some analysts assumed in early 2023 that the price of Bitcoin could even fall as low as $10,000. In this case, the market value of Bitcoin would still be around $200 billion, but the drop would still be dramatic. However, even when prices are falling, traders can make profits with the right tools. Falling prices are more of a problem for long-term investors.Entry into tradingIn the course of January it became apparent that long-term forecasts for the Bitcoin price are very difficult. This rose so much that only a few experts had predicted. This development has shown once again that trading depends on the right strategy. In any case, you should always keep an eye on your own risk and not make trades based on a gut feeling.Anyone who follows this rule has already taken an important step. Practical things like analyzing charts or recognizing patterns are then the next aspect. However, the work that you put into it can definitely pay off investing in cryptocurrenciesThe post Tips to improve your crypto trading appeared first on CoinJournal.

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