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Bitcoin’s woes keep on coming as the asset plummeted to a new two-month low at $19,500 yesterday before bouncing off by over a grand. This comes amid the Silicon Valley Bank’s troubles and the apparent exposure of certain crypto firms, including Circle and its stablecoin, which lost its dollar parity. BTC Volatile Around $20K In a matter of almost a week, bitcoin had calmed at around $22,000 and failed to produce any significant moves in either direction. Yet, the asset is...

Following the second-largest bank collapse in American history on Friday, market participants are worried about which firms might be caught up in the contagion surrounding Silicon Valley Bank (SVB).  Here’s what venture capitalists and major crypto executives had to say about the failure – and why the crypto community is keeping an eye on Circle in the aftermath.  USDC, the second largest stablecoin and the one issued by Circle, has lost its peg across numerous exchanges. At...

The past seven days turned into a bloodbath across the entire cryptocurrency market, which dropped below $1 trillion in terms of total capitalization. This happens for the first time since January 14th. The decline comes on the back of a lot of negative macroeconomic developments, so let’s unpack. First things first, Bitcoin’s price is trading around $20,000, albeit slightly below it at the time of this writing. The intraday low sits at $19,549 on Binance and BTC is down...

It’s safe to say that Bitcoin’s price has seen better days. The cryptocurrency fell below $20,000, reaching an intraday low at around $19,791 (on Binance) and charting a decline of around 8% in the past 24 hours alone. Source: TradingViewThat said, the move didn’t come without its catalysts, so let’s have a look at five potential reasons why it happened. Silvergate Bank On March 2nd, Silvergate Bank – a financial institution that used to serve a myriad of crypto heavyweights...

After Grayscale presented its first oral arguments in its lawsuit with the Securities and Exchange Commission (SEC) on Tuesday, CEO Michael Sonnenshein walked away feeling “very encouraged.” The executive spoke on Wednesday about the crux of Grayscale’s argument and why the SEC’s refusal to approve a Bitcoin spot ETF is “arbitrary and capricious.” The Relationship Between Bitcoin Futures and Spot During an interview with CNBC on Wednesday, Grayscale’s CEO echoed his company’s...

The cryptocurrency market has stalled in the past few days in a rather untypical fashion, but all that can change this week as there’re multiple major events and announcements coming from the world’s largest economy. It starts with US Fed Chair’s testimony to Congress and spreads to jobless claims as well as the unemployment rate. Powell to Testify The US central bank reversed its monetary policy after the COVID-19 pandemic began to fade away and started rising the interest...

Since being embroiled in a regulatory tussle, BUSD’s market cap went on a steep downward spiral. Since hitting an all-time high of $23.04 billion in November 2022, the market cap of the once-major stablecoin declined by more than 60% to $9.17 billion at the time of writing. The Paxos situation is indicative of the larger picture of crypto exchanges under assault from the United States Securities and Exchange Commission (SEC). Uncertainty is looming over the stablecoin...

Bitcoin tried to recover some of its recently lost value in the past 24 hours but was stopped in its tracks and is back down to $22,300. The altcoins are quite stagnant on a daily scale, with EOS losing all of its yesterday’s gains. Bitcoin Maintains $22K The low trading volumes of last weekend helped bitcoin remain around $23,000 for most of it. The start of the working week saw the asset pushing toward $24,000. In fact, BTC managed to tap that level once on Wednesday, but...

Bitcoin’s massive crash on Friday drove it south to just under $22,000 to mark its lowest price tag since February 14. The altcoins experienced similar enhanced volatility, but most have calmed since then. Ripple’s XRP and EOS are among the few alts with notable gains. Bitcoin Slipped Below $22K Despite the rising volatility at the end of February, bitcoin managed to close the month with a slight increase and stood at around $23,000. The first few days of March saw a price...

This week was a complete rollercoaster in terms of price action as the majority of cryptocurrencies found themselves stuck in a chopping range before the ultimate leg down. Bitcoin was trading at around $23,300 this time last week, and a couple of days later, it attempted the first push toward $24K. it was unsuccessful, and at around the end of the week, BTC found itself below $23K. However, this dip was immediately bought up, and the price tapped $24K on Wednesday. The bulls...