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Bitcoin (BTC-USD) is on its way to release ~9.7% The weekly loss as risk sentiment was clouded by comments from Federal Reserve Chair Jerome Powell that hinted at a potentially longer tightening cycle Silvergate Capitals (AND) plans to unwind.
Speaking on Capitol Hill, Powell said, “If the body of data indicated that faster tightening was warranted, we would be willing to increase the pace of rate hikes.” He also said the Fed has yet to make a decision on the pace of rate hikes at the March 21-22 meeting.
Meanwhile, Silvergate (SI)’s liquidation plans reignited contagion fears in the crypto space as the bank was among the few willing to take crypto exposures.
“Bitcoin (BTC-USD) initially fell below $22,000 yesterday and now $20,000 also appears to be crumbling,” said Craig Erlam, senior market analyst at OANDA. “This is a major setback fueled by another stream of negative headlines that have also hit sentiment in the broader markets. A test weekend is ahead of us.”
The top crypto slipped to ~$19.65K on Friday, its lowest level in almost two months. Total crypto market cap currently stands at $940.67 billion, down 0.1% via Thursday, according to CoinMarketCap.
Regulatory Letter
- The DOJ appealed a court order authorizing the sale of more than $1 billion worth of Voyager Digital (OTCPK:VYGVQ) assets to Binance.US. The court also overturned the SEC’s objection to the sale.
- Fed Deputy Chairman Michael Barr said the central bank is improving its oversight of crypto-related activities and is assembling a team of experts to monitor developments in the sector.
- Singapore Police are investigating Terraform Labs, the company behind collapsed crypto Luna (LUSC-USD) and sister token TerraUSD (UST-USD).
Notable news
- Stablecoin issuer Circle Internet Financial announced that it holds a portion of its USD coin (USDC-USD) cash reserves with the closed Silicon Valley Bank.
- The bankruptcy trustees of the failed exchange FTX (FTT-USD) filed a petition to sell their stake in Sequoia Capital to Al Nawwar Investments, a unit of the Abu Dhabi Investment Council, for $45 million.
- Crypto broker Blockchain.com is dropping its wealth management service less than a year after its launch.
- Crypto exchange Bybit will temporarily halt USD deposits due to service outages at its endpoint processing partner.
bitcoin price
- Bitcoin (BTC-USD) ticked 0.5% higher to $20.23k at 7:25pm ET and Ether (ETH-USD) inched higher 0.3% to $1,543,000.
- SA staffer Mike Fay said Bitcoin (BTC-USD) is a hedge against bank administrators and central planning. “One thing bitcoin hasn’t seen is a rate hike cycle much like the one we’re in right now. Price is price and that will fluctuate.”
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