This week on The Market Report, Cointelegraph’s resident experts discuss all the details surrounding Silvergate and its impact on the cryptocurrency market thus far.
We start with the most important stories of this week
Bitcoin Traders Eye on $19,000 BTC Price Bottom, February CPI Warns
It could be a testing few weeks for Bitcoin and risk assets, market commentators say, with Fed Chairman Jerome Powell firing the go-ahead on March 8. Historically, March hasn’t been a great month for Bitcoin (BTC), and 2023 seems to follow that trend. After an uneventful weekend that offered few trading opportunities, the current concern seems to be around the upcoming US macroeconomic data. Specific, The Consumer Price Index (CPI) for February, due to be released on March 14, is expected to be “hot”, ie above expectations. Is Bitcoin set to trade below $20,000 again?
The White House “aware” of the Silvergate situation, according to its spokesman
In a press briefing on March 6, Press Secretary Karine Jean-Pierre said that the White House has noted that Silvergate has been another major cryptocurrency company that has “experienced significant problems” in recent months. , but declined to go into more detail about the company. Silvergate, known as “cryptobank”, was a key banking partner for a number of major cryptocurrency companies and projects.. What will it mean for the cryptocurrency market if Silvergate, like so many others, goes bankrupt? How will the markets react and what should you do to be prepared? Our experts explain the details.
Is the IMF prematurely closing the door on Bitcoin as legal tender?
There has been little sunlight this crypto winter, so it may seem strange to bring up the “Bitcoin as legal tender” argument again. In other words, will or should any country – apart from El Salvador and the Central African Republic, which have already done so – declare Bitcoin as the official national currency? The International Monetary Fund raised the issue again last week in a paper proposing nine cryptocurrency-focused policy measures that its 190 member countries should adopt.. First on his “don’t do” list was to raise cryptocurrencies to “legal tender.” Is this another obstacle for cryptocurrencies to be recognized worldwide as a means of payment? Will it hinder the confidence of retail investors in the sector?
Our experts cover these and other stories in the making, so be sure to tune in for the latest in the world of cryptocurrency.
Finally, We have information from Cointelegraph Markets Pro, a platform for cryptocurrency traders who want to stay one step 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 the cut.
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