Simon Peters, Analyst and Crypto Expert at Multi-Asset Trading Platform eTorohas shared for this third and hectic week of March with Cointelegraph en Español some comments on the current situation of the crypto-asset market, which recovered late yesterday after the announcements of the main US institutions that theoretically, the analyst pointed out, “ guarantee” a large part of the banking system.
In this sense, Peters reviewed that Bitcoin remained afloat during the first half of last week, above $22,000, but began to record heavy losses after the bankruptcy of Silvergate first and Silicon Valley Bank, causing it to fall momentarily for below $19,500 on the eToro platform on Friday.
However, Peters explained that Bitcoin rallied over the weekend on the news that the US authorities would fully protect all deposits and has now risen again, reaching above $23,000 for the first time in almost two weeks. For its part, Ether experienced similar volatility late in the week, dipping below $1,400 on Friday before rising above the $1,600 zone this morning, where it remains so far.
$25 Billion FDIC Backing Pushes Prices Up
According to Peter, the crypto asset market skyrocketed late on Sunday, when the US banking crisis took a new turn with the closure of New York-based Signature Bank.
Following this thread of events, The US Federal Reserve, the US Treasury and the FDIC assured in a joint statement that all Silicon Valley Bank (SVB) and Signature depositors would get their money backthis consequently caused a positive reaction to be seen in most of the cryptoactives.
“Similarly, stablecoin USD Coin (USDC), which had lost its peg to the dollar due to high uncertainty surrounding its holdings with SVB, has made a full recovery after the FDIC announcement, even despite that it was announced that other funds would be used to maintain the link”Peters mentioned.
Lido expands its stake in Polygon
In Peter’s opinion, One of the criticisms that have been made the most of crypto assets has been the lack of interoperability of blockchains, which created ecosystems of “walled gardens”, so technological solutions that overcome this problem are very encouraging. In his case, Lido, which owns around 80% of the liquid staking market, becomes a very powerful player in this arena.
For this reason, the analyst maintains that the fact that the launch of wstETH in Polygon is announced is a great opportunity for users to access networks that were previously blocked due to the lack of a bridge.
“Ethereum is at a crucial moment in its development, having launched the staking system through La Fusión last year. The Shanghai upgrade is imminent in March, which will give users more liquidity options and make it possible to withdraw their stETH when necessary.”Peters noted.
Nissan expands its Web3 offering
Automaker Nissan filed trademark registrations for a number of Web3 initiatives. Based on this, Peters has said that car manufacturers have turned out to be one of the biggest proponents of web3 technology.with companies like General Motors, or Ford, which have already entered this space.
In addition, he expressed that although web3 is still in the experimental phase, it is encouraging to see that lBig companies are forging ahead with their plans and innovations despite difficult market conditions in 2022, when NFT prices dipped from all-time highs.
This content is for informational and educational purposes only and should not be construed as investment advice or an investment recommendation. Likewise, the information and/or opinions expressed in this article do not necessarily represent the views or the editorial line of Cointelegraph, or the editor in charge.
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