This week on The Market Report, the resident experts at Cointelegraph discuss all the details regarding the latest bank collapse and the USD Coin (USDC) depeg.
We kick things off with this week’s top stories
Silicon Valley Bank collapse: Everything that’s happened until now
The sudden collapse of Silicon Valley Bank (SVB) has quickly unfolded over the last week, depegging stablecoins, leading regulators in the United States and the United Kingdom to prepare emergency plans and raising fears among small businesses, venture capitalists and other depositors with funds stuck at the California tech bank. Our experts here at Cointelegraph Markets & Research break down everything that has happened so far, so you’re up to date with all the latest developments.
‘Nobody left to bank crypto companies’ — Crypto Twitter reacts
Crypto companies could find it harder to access traditional banking partners with the loss of two major crypto-friendly banks in less than a week, according to some in the crypto community. These banks were seen as important banking pillars for the crypto industry. According to insurance documents, Signature Bank had $88.6 billion in deposits as of Dec. 31. Crypto Twitter believes that there is no one left to bank crypto companies in the U.S., but is that really the case? Are there no other banks willing to work with crypto companies? Our experts break it down for you.
Bitcoin price nears $25K as analysts place bets on CPI impact
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD making monthly highs of $24,917 on Bitstamp overnight. The pair remained buoyant after the impact of multiple U.S. bank closures sent crypto markets skyrocketing. Now, all eyes were temporarily on the Consumer Price Index (CPI) print for February when it came to short-term BTC price action. A classic crypto volatility catalyst in itself, last month, CPI showed an unwelcome slowdown in inflation abating; this, in turn, gave rise to fears that the Federal Reserve would keep interest rates higher for longer. However, as the banking crisis has overshadowed the inflation debate, expectations are starting to pivot to the Fed abandoning rate hikes altogether. How will Bitcoin (BTC) and the crypto market as a whole react if that were to happen?
Our experts cover these and other developing stories, so make sure you tune in to stay up-to-date on the latest in the world of crypto.
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