This week in The Market Report, Cointelegraph’s resident experts discuss all the details regarding Silvergate and its impact on the crypto market to date.
We kick off with this week’s top stories
Bitcoin Traders Watch $19K BTC Price Bottom, Warn Of ‘Hot’ February CPI
It could be a few weeks of testing for Bitcoin and high-risk assets, market commentators say, with Fed Chairman Jerome Powell kicking off the triggers on March 8. Historically, March has not been a great month for Bitcoin (BTC), and 2023 looks set to follow that trend. After a quiet weekend, which offered few trading opportunities, the current concern seems to be around the upcoming macroeconomic data from the United States. In particular, the February printout of the consumer price index (CPI), expected on March 14, is expected to be “hot,” or above expectations. Is another Bitcoin under $20,000 on the agenda?
White House ‘aware’ of Silvergate situation, spokeswoman says
At a press briefing on March 6, Press Secretary Karine Jean-Pierre said the White House has noted that Silvergate has flagged another major crypto company as experiencing “significant difficulties” in recent months, but declined to comment further on the company. Known as a “crypto bank”, Silvergate has been a major banking partner of a number of major crypto companies and projects. What does it mean for the crypto market if Silvergate, like so many others, files for bankruptcy? How will the markets react and what should you do to be prepared? Our experts explain the details for you.
Will the IMF prematurely close the door on Bitcoin as legal tender?
There has been little sunlight this crypto winter, so it may seem odd to re-present the “Bitcoin as legal tender” argument. That is, will or would any other country — apart from 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 paper highlighting nine crypto-focused policy actions the 190 member states should take. First on the list of “don’ts” was elevating crypto to “legal tender”. Does this pose another obstacle in crypto’s path to global recognition or a means of payment? Will this hamper retail investor confidence in the sector?
Our experts cover these and other development stories, so be sure to tune in to stay up to date with the latest news in the world of crypto.
Finally, we have insights from Cointelegraph Markets Pro, a platform for crypto traders looking to stay ahead of the market. Our analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week, so be sure to tune in to find out which ones made it.
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