This week has been a roller coaster in terms of prices that most cryptocurrencies have found themselves stuck in a discount range before the ultimate leg down.
Bitcoin was trading for about $23,300 this time last week, and a few days later it tried the first push to $24k. It failed, and by the end of the week, btc was under $23k. However, that decline was immediately redeemed, and the price hit $24k on Wednesday.
The bulls were not sufficiently convincing, which allowed the sellers to take control and drive back the price. Only today, however, has the market completely changed as a result of a vicious time candle that saw prices drop by more than $1,000 within minutes. As we write these lines, the btc is trading in the $23,000 range.
The situation for the majority of spare parts is somewhat similar, with most having significant decreases.
This sales pressure came in the middle of intensifying issues with the crypto-centric people's bank financial institution silvergate. The company revealed yesterday that it will not be able to table its financial reports for this month and that it has operational problems.
Shortly thereafter, many companies decided to break off their relationship with the bank in public. Coinbase, bitstamp, crypto.com, and the list goes on. But there was no darkness.
A week ago, the creator of the popular NFT collection – the annoyed monkey nautical club – the yuga laboratories, announced the launch of a new series, this time using the ordinals protocol on Bitcoin. This will be 300 nfts and additional information has not yet been provided.
Meanwhile, the long-awaited Shanghai hard fork is also scheduled to take place on the goerli trial net this month.
That said, it is very interesting to see whether the fallout from Silvergate Bank will have an impact on the market or if the worst is over.
Market Data
Market Cap: $1078B | 24H Vol: $71B | BTC Dominance: 40.1%
BTC: $22,420(-7%) | ETH: $1,573 (-5%) | BNB: $289 (-2.6%)
This Week’s Crypto Headlines You Can’t Miss
Yuga Labs Launches Ordinal Inscription NFT Collection Twelvefold. Yuga Labs – the team behind the very popular Bored Ape Yacht Club NFT collection – will be launching a new series called Twelvefold. This time it will run on Bitcoin using the popular growingly ordinals protocol.
CZ reassures BINANCE Always backs Voyager Deal In the midst of dubious headlines. The CEO of Binance – Changpeng Zhao – reassured in a recent response to CryptoPotato that his firm still supports the deal to acquire Voyager and would proceed with it if the US authorities allow it to do so.
Bullish or Bearish? A more attentive look at the historic performance of Bitcoin in March. The month of March has produced, on average, an increase of around 10% for Bitcoin. However, the median increase is negative and the Btc yield over the month of March has always been fairly low.
Silvergate shows operational problems, stocks are down more than 30%. People's Bank crypto-centered financial institution silvergate has revealed that it has severe operational problems. A lot of companies, including the money companies, have taken over their relationship with the bank. As a result, its stock price has crashed.
The guard of Binance is seeking a licence from Singapore. Ceffu, the custody arm of Binance, is looking to score a license in Singapore. They seem to be trying to reintegrate the city-state and provide some of their services.
Basic reasons to be optimistic despite the 66% drop in the ath of Bitcoin: researcher. The market has gone wrong all through the last seven days, with the price of Bitcoin going down a little bit significantly. However, there are plenty of reasons to be positive, according to research.
Charts
This week we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana – click here for the complete price analysis.