Thursday, 9 March 2023

Market Summary

Market Summary 9 March 2023

Bitcoin Price: US$ 21,705.44 (-2.22%)
Ethereum Price:
US$ 1,532.38 (-1.89%)  

 

The U.S. Federal Reserve’s policy on interest rate hikes and inflation is the most relevant measure for gauging demand for risk assets, which includes cryptocurrencies such as Bitcoin. As the Fed’s meetings are scheduled well in advance, Bitcoin traders can prepare for the impact of the rate hikes, using derivatives instruments to yield optimal results. However, Bitcoin traders are facing pressure as it is highly correlated to equities, which means that cryptocurrency investors are waiting for the direction of traditional markets. The Fed’s decision to raise interest rates even further could create a huge incentive for Bitcoin bulls, but extreme caution is needed by those willing to make trades based on interest rate hikes. Meanwhile, the price of Bitcoin is threatening to remove $22,000 as support as BTC price suffers against a booming DXY, with traders’ downside targets still a way off at $21,300.

Over $1 billion worth of Bitcoin was transferred from U.S. government law enforcement seizures to new addresses, including a transfer of nearly 10,000 BTC to Coinbase. The transfers involved nearly 51,000 BTC seized from the Silk Road marketplace and consolidated into two wallet addresses. In another development, the chairman of the CFTC, Rostin Behnam, stated that Ethereum is a commodity and argued that the agency has the jurisdiction to police its derivatives and underlying markets, in contrast to the SEC’s stance that everything other than Bitcoin falls under securities laws.

Crypto-friendly bank Silvergate has announced that it will wind down operations and initiate a voluntary liquidation of the bank. The move is due to recent industry and regulatory developments, including scrutiny from US regulators and criticism from Senator Elizabeth Warren. Silvergate is also discontinuing the Silvergate Exchange Network (SEN). Meanwhile, during a House Financial Services Committee hearing, US Congressman Stephen Lynch raised concerns over the potential impact of a central bank digital currency (CBDC) on other digital assets, asking Federal Reserve Chairman Jerome Powell if a tokenized version of the US dollar could send Bitcoin to zero.

Coinbase has announced a new service called Wallet as a Service, which is a set of developer tools aimed at simplifying digital wallets and making them more approachable for both consumers and companies. The goal is to eliminate the technical nature of most standalone digital wallets and allow companies to embed custom, digital wallets directly into their applications, thereby making it easy to set up a wallet as creating a username and password. In other news, Nobuaki Kobayashi, the Rehabilitation Trustee for collapsed Japanese Bitcoin exchange Mt. Gox, has told former customers that they have until Friday to register their claims for repayment under the rehabilitation plan. Meanwhile, Binance US is one step closer to buying Voyager Digital’s assets after a bankruptcy judge approved the process, despite objections from the SEC.

 

Source:

https://cointelegraph.com
https://decrypt.co 

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