In this week’s episode of Market Report, Cointelegraph’s resident experts discuss the impact of the Silvergate collapse on crypto.
This week on Market Report, Cointelegraph’s resident experts discuss all the details about Silvergate and its impact on the crypto market so far.
We kick things off with this week’s highlights
Bitcoin Traders Watch Below at $19K BTC Price, Warning of ‘Hot’ February CPI
It could be a testing few weeks for Bitcoin and risk assets, market analysts say, with Fed Chairman Jerome Powell set to launch on March 8. Historically, March has not been a great month for Bitcoin
fell to the ground
20 543 dollars
, and 2023 seems to be following suit. After an uneventful weekend with few trading opportunities, the focus now seems to be on the upcoming macroeconomic data from the US. Specifically, the February edition of the Consumer Price Index (CPI), due on March 14, is expected to be “hot” or beat expectations. Is Bitcoin Under $20,000 Back in the Cards?
The White House is ‘aware’ of the Silvergate situation, the spokesman said
Speaking at a press conference on March 6, Secretary of State Karine Jean-Pierre said the White House noted that Silvergate had identified another major crypto company that has “experienced major challenges” in recent months in 2010, but declined to elaborate on the company. Silvergate, also known as the “crypto bank”, is a key banking partner for many major crypto companies and projects. What would it mean for the crypto market if Silvergate, like many others, files for bankruptcy? How will markets react and what do you need to do to prepare? Our experts send you the details.
Is the IMF closing the door early on Bitcoin as legal tender?
Little sunshine has shone this crypto summer, so it may seem strange to bring up the “Bitcoin as legal tender” debate again. That is, will or should any country — other than El Salvador and the Central African Republic, which have already done so — declare Bitcoin an official national currency? The International Monetary Fund raised the issue again last week in a memo outlining nine crypto-based policy measures that its 190 member countries must take. First on the list of “don’ts” is elevating crypto to “legal tender”. Does this put yet another obstacle in the way of crypto being recognized globally or as a payment method? Will it undermine the confidence of retail investors in the company?
Our experts discuss these and other trending stories, so be sure to 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 ahead of the market one step at a time. Our analysts use Cointelegraph Markets Pro to identify the two altcoins that stood out this week, so be sure to tune in to find out which ones made the cut.
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