This week on The Market Report, the resident experts at Cointelegraph discuss all the details regarding Silvergate and its impact on the crypto market so far.
We kick things off with this week’s top stories
Bitcoin traders eye $19K BTC price bottom, warn of ‘hot’ February CPI
It could be a testing few weeks for Bitcoin and risk assets, market commentators say, with Fed Chair Jerome Powell due to kick off the triggers on March 8. Historically, March has not been a great month for Bitcoin (BTC), and 2023 seems to be following that trend. After an uneventful weekend, which offered few trading opportunities, the current concern seems to be around the forthcoming macroeconomic data from the United States. Specifically, the February print of the Consumer Price Index (CPI), due March 14, is expected to be “hot,” or above expectations. Is a sub-$20,000 Bitcoin back on the cards?
White House ‘aware’ of the Silvergate situation, says spokeswoman
Speaking at a press briefing on March 6, Press Secretary Karine Jean-Pierre said the White House has noted that Silvergate marked another major crypto firm to “experience significant issues” in recent months but declined to go into further specifics on the firm. Silvergate, known as a “crypto bank,” was a key banking partner to a number of major crypto companies and projects. What will 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 lay out the details for you.
Is the IMF shutting the door prematurely on Bitcoin as legal tender?
There’s been little sunlight this crypto winter, so it may seem odd to present the “Bitcoin as legal tender” argument again. That is, will or should any country — other than 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 putting forth nine crypto-focused policy actions that its 190 member countries should adopt. First on its list of “don’ts” was elevating crypto to “legal tender.” Does this place another obstacle in the path of crypto to be recognized the world over or a means of payment? Will it hinder retail investors’ trust in the industry?
Our experts cover these and other developing stories, so make sure you tune in to stay up-to-date on the latest in the world of crypto.
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