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Follow Dat Money | Crypto Projections
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Happy Saturday Folks! The markets started the week struggling from the news last week about Silvergate and then Silicon Valley Bank happened; Fear and Greed index hit the floor currently around 33. Could this be the beginning of a complete burn down of the economy? $USDC losing it's peg is not good so buckle up! That said, Bitcoin is holding its own right now and for it to be still trading above $20K is a miracle.
The best performing asset in the past 7 days is $XRP believe it or not - down only 3.61%; ranked #6 on Coinmarketcap.com. Most covered news this week was yesterday - the great Crypto crash and the Podcast of the Week was Cathie Wood being interviewed by Pomp at his conference in Miami. Let's review the week shall we?
Monday the price of Bitcoin closed at $22,429.76 and the fear and greed index was 48. The most covered news of the day was Alameda/FTX Sues Grayscale and DCG to Allow Redemptions, Reduce Fees.(7)
Podcast of the Day: 160 - The Smart Money is Here with Eric Peters | Bankless
Tuesday the price of Bitcoin closed at $22,219.77 and the fear and greed index was 49. The most covered news of the day was Crypto Mining Rig Maker Canaan's Q4 Revenue Sunk 82% to $56.8M.(4)
Podcast of the Day: Regulating Crypto in the UK and EU | Bloomberg Crypto
By Wednesday (Humpday) the price of Bitcoin closed at $21,718.08 and the fear and greed index was 50. The most covered news of the day was Coinbase launches wallet-as-a-service for businesses.(4)
Podcast of the Day: The IRS Wants to Tax Your Frozen Crypto | Bloomberg Crypto
Right over the hump on Thursday the price of Bitcoin closed at $20,363.02 and the fear and greed index was 44. The most covered news of the day was Silvergate will liquidate bank, wind down operations; Blow to Crypto?(8)
Podcast of the Day: Circle CEO Jeremy Allaire on US Crypto Regulation | Bloomberg Crypto
As the week came to a close on Friday the price of Bitcoin closed at $20,187.24 and the fear and greed index right about 34. The most covered news of the day was Bitcoin Plummets 8%, below $20K, as Crypto Market Falls Below $1 Trillion; $300M liquidated.(9)
Podcast of the Day: #1170 Cathie Wood on Bitcoin, Tech, Venture Capital, and Innovation | The Pomp Podcast
Bottom line: As I type Bitcoin is trading at $20,135.25 and for the week (M-F) Bitcoin lost $2,242.52. Not good, not good at all. Tack on the $1K the week before and March is turning into a bloodbath of a month. However, keep buying the dip, be smart, stay safe, stack sats, and HODL as "Matty Sats" would say!
Well that is a wrap folks, if you'd like to be in the know throughout the day, join me on Wubits where I am constantly sharing my thoughts about the Crypto market and personal development type topics. It's a community where you can meet REAL people, make REAL connections, and have REAL conversations. Thanks again for reading, watching, and listening with me.
WEEKEND NEWS
Bitcoin Regains $20K After $200M in Crypto Liquidations; Some Traders Brush Off USDC Fears. Bitcoin price spikes to ‘$26K’ in USDC terms — How high can the BTC short squeeze go? Two U.S. SEC Commissioners Blast Their Own Agency for Rejecting VanEck Bitcoin Exchange-Traded Fund Application. Bitcoin Cycle Extremes Signal Indicates Potential End of Bear Market. Judges Will Likely Rule in Favor of Grayscale in Bitcoin Spot ETF Battle With SEC, Says Bloomberg Expert.
Here’s Why Ethereum Is Not a Security, According to Crypto Think Tank Coin Center.
SVB Failure
Just In: U.S. Treasury Janet Yellen working on SVB collapse, not at bailout.
Failed tech bank SVB held over $5B for prominent crypto VCs. $6,300,000,000 Erased From USDC Market Cap As Top Stablecoin Depegs From US Dollar. Jim Cramer Advised People to Buy Silicon Valley Bank Stock a Month Before its Collapse. Silicon Valley Bank's UK branch shut down by Bank of England. Silicon Valley Bank failure could trigger run on U.S. regional banks. Over 100 VCs, investors voice solidarity with Silicon Valley Bank.
Circle says $3.3 billion of USDC reserves are with Silicon Valley Bank.(4) Circle’s USDC Endured $1B of Net Redemptions Since Silicon Valley Bank's Shutdown. USDC Loses Peg After Circle Says It Is Holding $3.3 Billion of Cash Reserves at SVB.(4) Circle says outstanding USDC transactions won’t process until Monday. Jeremy Allaire Says Circle Will Use Own Resources to Cover Shortfalls As USDC Moves Closer to Peg. Traders Bet on USD Coin Rebound as USDC Falls to 90 Cents.(2) USDC Is In Trouble, But It Won’t Go To Zero Like UST Did.(2) Breaking: USDC slowly repegs on unconfirmed reports of SVB resolution.(3) Circle: ‘This Is a Time of Heightened Uncertainty for the USDC Economy.’
Coinbase halts conversion feature between U.S. dollars and USDC. XRP Used as Solution by Blockchain Financial Service to Convert Funds During USDC Depeg. Circle’s USDC instability causes domino effect on DAI, USDD stablecoins.(2) MakerDAO files emergency proposal addressing 3.1B USDC exposure.(2) Curve Finance trading volume reaches $7B historic high after USDC depeg.
Silicon Valley Bank CEO Cashed Out Shares and Paid Bonuses Just Before Collapse. Regulators rush to sell SVB assets to make uninsured accounts partly available on Monday: Bloomberg.
Opinion: Here’s What To Expect for Crypto As Silvergate Bank Collapses, According to Ava Labs President John Wu. Ackman: SVB implosion ‘a-soon-to-be-irreversible mistake’ unless government intervenes. Worst Time to Swap USDC Is Now: Top VC Investor Dovey Wan on Market Panic. Do Kwon had the right idea, banks are risk to fiat-backed stablecoins — CZ. Bill Ackman warns US gov’t: Fix mistake in ‘48 hours’ or face ‘destruction.’ Is Circle's USDC Stablecoin Crisis a Blessing in Disguise for Bitcoin?
Binance CEO CZ: Exchange Has ‘No Exposure to Silicon Valley Bank.’
Shocking: USDC investor shells out $2M to receive $0.05 USDT trying to evade crash; another benefitted.(4)
Exchanges
Coinbase's Plan to Go 'On-Chain Native' Is a Smart Play for Fees.
Sen. Warren calls out ‘sham audits’ while SVB threatens crypto bankruptcy.
Bankrupt Crypto Lender Voyager Sells 400 Billion Shiba Inu ($SHIB) on Coinbase .
US SEC Alleges BKCoin and its Co-Founder for Running a $100 Million Crypto Scam.
