Collapse of Silvergate or second FTX,how will it affect crypto market
2023.03.07 14:05
Collapse of Silvergate or second FTX,how will it affect crypto market
By Tiffany Smith
Budrigannews.com – Bitcoin traders anticipate a “hot” February CPI and point to a $19K BTC price bottom.
Market observers predict that Bitcoin and risk assets may experience a challenging few weeks due to Fed Chair Jerome Powell’s March 8 trigger. Bitcoin (BTC) has historically performed poorly in March, and 2023 appears to be following suit.
The upcoming macroeconomic data from the United States appears to be the current source of concern after an uneventful weekend with few trading opportunities. In particular, the February print of the Buyer Value List (CPI), due Walk 14, is supposed to be “hot,” or above assumptions. Is a return to Bitcoin worth less than $20,000.
A spokeswoman claims that the White House is “aware” of the Silvergate situation.
At a press briefing on March 6, Press Secretary Karine Jean-Pierre said that the White House has noted that Silvergate is another major crypto company that has “experienced significant issues” in recent months.
However, she declined to provide any additional details regarding the company. Silvergate, also known as a “crypto bank,” was a crucial banking partner for numerous significant crypto projects and businesses. If Silvergate, like many others, declares bankruptcy, what implications will this have for the cryptocurrency market? What should you do to prepare and how will the markets react? The details are laid out for you by our experts.
Is Bitcoin’s use as legal tender being delayed by the IMF?
The “Bitcoin as legal tender” argument may seem odd given the lack of sunlight during this crypto winter. That is, will or should any nation declare Bitcoin to be its official currency, other than El Salvador and the Central African Republic, which have already done so?
In a paper last week, the International Monetary Fund brought up the issue once more and proposed nine crypto-focused policy measures that its 190 member nations should implement. Its list of “don’ts” included elevating cryptocurrency to “legal tender.” Is this another obstacle in the way of cryptocurrency becoming widely accepted as a payment method? Will it affect the confidence of retail investors in the industry?
Tune in to learn about the most recent developments in the cryptosphere from our experts, who cover these and other emerging stories.
