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Bitcoin crashes by 7 %, problems with the Silvergate Bank tighten, Eth Shanghai is moving closer: The summary of this week
This week was a complete roller coaster ride in relation to the price movement, since the majority of the cryptocurrencies stuck in a chopping range before the final downward trend. Bitcoin was traded at around $ 23,300 last week, and a few days later it tried the first thrust towards $ 24,000. It was unsuccessful and at the end of the week BTC was under $ 23,000. However, this decline was bought up immediately, and the price reached $ 24,000 on Wednesday. The bulls were not convincing enough, which made it possible for the sellers to take control and send the price backwards. ...
Bitcoin crashes by 7 %, problems with the Silvergate Bank tighten, Eth Shanghai is moving closer: The summary of this week
This week was a complete roller coaster ride in relation to the price movement, since the majority of cryptocurrencies stuck in a chopping range before the final downward trend.
Bitcoin was traded at around $ 23,300 last week, and a few days later it tried the first thrust towards $ 24,000. It was unsuccessful and at the end of the week BTC was under $ 23,000. However, this decline was bought up immediately, and the price reached $ 24,000 on Wednesday
The bulls were not convincing enough, which made it possible for the sellers to take control and send the price backwards. However, it was still possible to completely change after a malignant hourly candle, where the price crashed by over $ 1,000 within a few minutes. At the time of writing this article, BTC is traded at around $ 23,300.
The situation in most old coins is a bit similar, with most of them recording significant declines.
This sales pressure arose in the middle of increasing problems with the popular cryptocentrated financial institution Silvergate Bank. The company announced yesterday that it cannot submit its financial reports due this month and that there are operational problems.
Not long after that, many companies separated from the bank. This includes coinbase, bitstamp, crypto.com and others. But it wasn't all the mood.
At the beginning of the week, the creator of the popular NFT collection-the Bored Ape Yacht Club-Yuga Labs, announced that they will launch a new collection, this time with the Ordinal Protocol on Bitcoin. It will consist of 300 NFTs and no further information has been provided.
In the meantime, the highly expected hard fork of the ETH Shanghai in the Goerli test network should also take place this month. However, it is very interesting to see whether the effects of Silvergate Bank will have some contagion effects on the market or whether the worst has already survived.market data
Market capitalization: $ 1078 billion | 24-hour band: $ 71 billion | BTC dominance: 40.1 %
Bitcoin: 22,420 $ (-7 %) | ETH: $ 1,573 (-5 %) | bnb : $ 289 (-2.6%)
The crypto headlines this week that you are not allowed to miss
Yuga Labs is launching the Ordinal Inscription NFT Collection Twelvefold. Yuga Labs-the team behind the very popular Bored Ape Yacht Club NFT collection-will launch a new series called Twelvefold. This time the collection on Bitcoin is carried out using the increasingly popular Ordinal Protocol.
CZ assures that Binance continues to support the Voyager deal despite questionable headlines. The CEO of Binance-Changpeng Zhao-recently assured of a response to Cryptopotato that his company would still support the deal to take over Voyager and thus continue if the US authorities allow this.
Bullisch or Bärisch? A closer look at Bitcoin's historical performance in March. The month of March produced an average increase of around 10 % for Bitcoin. However, the middle increase is negative, and the performance of BTC in March was historically pretty shaky.
Silvergate reveals operational problems, shares over 30 % of the popular cryptocenter financial institution Silvergate Bank announced that it has serious operational problems. Many companies, including coin base, confiscated their relationships with the bank. As a result, the share price has fallen.
Custody arm from Binance tries to get a Singapore license. Ceffu, the Custody branch of Binance, strives for a license in Singapore. The company seems to try to penetrate the city -state again and offer some of its services.
basic reasons to be optimistic despite the 66 percent decrease in Bitcoins ATH: researchers. The market has developed poorly in the past seven days, whereby the price of Bitcoin has dropped somewhat significantly. According to studies, however, there are many reasons to be positive.
diagrams
This week we have a chart analysis from Ethereum, Ripplecardano, Binance Coinund Solana - click here for the full price analysis.
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