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Bitcoin price faces ‘last stand’ as weekly close threatens $22K retest

Bitcoin (BTC) stayed near key support on March 5 as the weekly candle close brought fresh fears of a breakdown.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Analyst warns over fate of $20,000

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it continued to move in a tight range over the weekend.

The pair had remained practically stationary since its abrupt fall on March 3, triggered by a margin call amid uncertainty over  Silvergate Bank.

While avoiding further losses, analysis warned that Bitcoin could still easily fall much lower if a nearby support level failed to hold.

Monitoring resource Material Indicators explained that BTC price action had “lost key technical support” and that $22,000 — the sight of a recent resistance/support (R/S) flip — was now all that remained for bulls to hold onto.

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Market Analysis

Binance recommends P2P as Ukraine suspends hryvnia use on crypto exchanges

Following the temporary suspension from Ukraine’s central bank, crypto exchanges like Binance and Kuna made official announcements informing investors about the inconvenience.

Regulations

Monetary policy of cryptocurrencies, explained

Monetary policy for cryptocurrencies is a game-changer — with fixed supplies and decentralized control, they challenge traditional monetary policy tools.

Regulations

Monetary policy of cryptocurrencies, explained

Monetary policy for cryptocurrencies is a game-changer — with fixed supplies and decentralized control, they challenge traditional monetary policy tools.

Bitcoin

The crypto industry has 'already started' moving outside US, says Ripple CEO

Ripple's CEO Brad Garlinghouse stated that if the SEC is able to “prevail” in its case against Ripple there will be a lot "of other cases" brought forward.

Regulations

CZ denounces false rumor 'widely' spread on China's WeChat

A Metamask security analyst stated it was the “2023 adaptation of attempted market manipulation.”

Regulations

Fears over Silvergate, $8B hole at FTX, senators seek Binance’s numbers: Hodler’s Digest, Feb. 26 – March 4

Delay in Silvergate’s financials sparks fears over bankruptcy, FTX reports $8.6B deficit and Binance’s balance sheet sought by U.S. senators.

Regulations

Fears over Silvergate, $8B hole at FTX, senators seek Binance’s numbers: Hodler’s Digest, Feb. 26 – March 4

Delay in Silvergate’s financials sparks fears over bankruptcy, FTX reports $8.6B deficit and Binance’s balance sheet sought by U.S. senators.

Bitcoin

Fears over Silvergate, $8B hole at FTX, senators seek Binance’s numbers: Hodler’s Digest, Feb. 26 – March 4

Delay in Silvergate’s financials sparks fears over bankruptcy, FTX reports $8.6B deficit and Binance’s balance sheet sought by U.S. senators.

Blockchain

Fears over Silvergate, $8B hole at FTX, senators seek Binance’s numbers: Hodler’s Digest, Feb. 26 – March 4

Delay in Silvergate’s financials sparks fears over bankruptcy, FTX reports $8.6B deficit and Binance’s balance sheet sought by U.S. senators.

Ethereum

Fears over Silvergate, $8B hole at FTX, senators seek Binance’s numbers: Hodler’s Digest, Feb. 26 – March 4

Top Stories This Week

Silvergate stock plunges after delayed filing raises doubts over future

Silvergate made headlines this week after postponing the filing of its annual 10-K financial report, raising fears of an upcoming bankruptcy filing. The collapse of the cryptocurrency bank could prove costly for the rest of the industry. Within 24 hours after the announcement, Coinbase, Circle, Bitstamp, Galaxy Digital and Paxos confirmed that they will scale back their individual partnerships with Silvergate in some capacity. MicroStrategy and Tether joined a number of firms publicly denying any meaningful exposure to the bank. On March 2, Silvergate’s stock plummeted by over 50% on the NYSE.

FTX presentation shows ‘massive shortfall’ in firm’s assets

Bankrupt cryptocurrency exchange FTX has revealed a “massive shortfall” in its digital asset and fiat currency holdings, with billions worth of customer funds missing from both the exchange and its United States-based arm, FTX US. In total, FTX recorded an $8.6 billion deficit across all wallets and accounts while FTX US recorded a deficit of $116 million. Among the week’s headlines, former FTX engineering director Nishad Singh pleaded guilty to charges of wire fraud along with wire and commodities fraud conspiracy. Singh’s plea follows a number of Sam Bankman-Fried’s close associates reportedly agreeing to cooperate with U.S. prosecutors in recent months.

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Features

Bitcoin gets physical: Art or digital heresy?

Features

From Director of the United States Mint to the Very First Bitcoin IRA Customer


Market Analysis

Fears over Silvergate, $8B hole at FTX, senators seek Binance’s numbers: Hodler’s Digest, Feb. 26 – March 4

Top Stories This Week

Silvergate stock plunges after delayed filing raises doubts over future

Silvergate made headlines this week after postponing the filing of its annual 10-K financial report, raising fears of an upcoming bankruptcy filing. The collapse of the cryptocurrency bank could prove costly for the rest of the industry. Within 24 hours after the announcement, Coinbase, Circle, Bitstamp, Galaxy Digital and Paxos confirmed that they will scale back their individual partnerships with Silvergate in some capacity. MicroStrategy and Tether joined a number of firms publicly denying any meaningful exposure to the bank. On March 2, Silvergate’s stock plummeted by over 50% on the NYSE.

FTX presentation shows ‘massive shortfall’ in firm’s assets

Bankrupt cryptocurrency exchange FTX has revealed a “massive shortfall” in its digital asset and fiat currency holdings, with billions worth of customer funds missing from both the exchange and its United States-based arm, FTX US. In total, FTX recorded an $8.6 billion deficit across all wallets and accounts while FTX US recorded a deficit of $116 million. Among the week’s headlines, former FTX engineering director Nishad Singh pleaded guilty to charges of wire fraud along with wire and commodities fraud conspiracy. Singh’s plea follows a number of Sam Bankman-Fried’s close associates reportedly agreeing to cooperate with U.S. prosecutors in recent months.

Read also

Features

Are You Independent Yet? Financial Self-Sovereignty and the Decentralized Exchange

Features

Storming the ‘last bastion’: Angst and anger as NFTs claim high-culture status


Weekly Overview

Fears over Silvergate, $8B hole at FTX, senators seek Binance’s numbers: Hodler’s Digest, Feb. 26 – March 4

Top Stories This Week

Silvergate stock plunges after delayed filing raises doubts over future

Silvergate made headlines this week after postponing the filing of its annual 10-K financial report, raising fears of an upcoming bankruptcy filing. The collapse of the cryptocurrency bank could prove costly for the rest of the industry. Within 24 hours after the announcement, Coinbase, Circle, Bitstamp, Galaxy Digital and Paxos confirmed that they will scale back their individual partnerships with Silvergate in some capacity. MicroStrategy and Tether joined a number of firms publicly denying any meaningful exposure to the bank. On March 2, Silvergate’s stock plummeted by over 50% on the NYSE.

FTX presentation shows ‘massive shortfall’ in firm’s assets

Bankrupt cryptocurrency exchange FTX has revealed a “massive shortfall” in its digital asset and fiat currency holdings, with billions worth of customer funds missing from both the exchange and its United States-based arm, FTX US. In total, FTX recorded an $8.6 billion deficit across all wallets and accounts while FTX US recorded a deficit of $116 million. Among the week’s headlines, former FTX engineering director Nishad Singh pleaded guilty to charges of wire fraud along with wire and commodities fraud conspiracy. Singh’s plea follows a number of Sam Bankman-Fried’s close associates reportedly agreeing to cooperate with U.S. prosecutors in recent months.

Read also

Features

Sweden: The Death of Money?

Features

Exoduses and Ex-Communications: Blowing Off Steemit with Andrew Levine


Altcoins

Silvergate closes Exchange Network, releases $9.9M to BlockFi

The bank is discontinuing its crypto payment network, claiming the termination is a risk-based decision.

Regulations

What is the time value of money (TVM)?

Understanding the time value of money is essential for making sound financial decisions and maximizing returns on investment.

Bitcoin

What is the time value of money (TVM)?

Understanding the time value of money is essential for making sound financial decisions and maximizing returns on investment.

Blockchain

Jack Dorsey’s TBD launches ‘C=’ to improve Bitcoin Lightning Network

C= (pronounced C equals) aims to further the reach of the Bitcoin Lightning Network through added liquidity and routing services.

Bitcoin

Bitcoin price would retest $25K without Silvergate saga — analysis

Strong U.S. equities and a floundering dollar normally serve to boost BTC price action — but Silvergate is the elephant in the room.

Bitcoin

Bitcoin price would retest $25K without Silvergate saga — analysis

Bitcoin (BTC) stayed lower into the weekend as ongoing problems at Silvergate bank pressured markets.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

Bad news holds Bitcoin back

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD lingering at around $22,350 on March 4.

The pair had managed to avoid further losses after the initial shock around Silvergate wiped 5% off the spot price in minutes. 

With United States equities delivering a strong finish to the week, Bitcoin and altcoins were unable to capitalize on what traders argued would normally be an opportunity for gains.

“Most global equity indices have now printed higher lows,” popular commentator Tedtalksmacro wrote in part of an update overnight.

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Market Analysis

India explores offline functionality of CBDCs: RBI executive director

In addition to offline functionality, RBI is gauging CBDC’s potential for cross-border transactions and linkage with legacy systems of other countries.

Regulations

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