News Sharing | Let’s share and discuss what’s new this week!

[Chris]

Bitcoin Price Prediction as Bulls Hold $20,000 Level – Where is BTC Heading Now?

On Sunday, Bitcoin and Ethereum  both saw a modest rise in value, with BTC surpassing $20,000 and ETH reaching the $1,400 mark. However, the decline of the US dollar, which resulted from February’s labor statistics showing slower wage growth, may be responsible for this ongoing modest increase in crypto value.

Additionally, the adoption of Ordinal, a Layer 2 solution, is expanding the use cases of the Bitcoin network beyond just BTC transactions. While there have been differing opinions on using Ordinal in the Bitcoin community, its rising popularity and potential impact on the Bitcoin network could change the game for BTC miners.

Ordinal’s ability to enable fast and inexpensive transactions could lead to increased adoption of Bitcoin and potentially reduce the load on the network. This could ultimately result in greater efficiency and profitability for BTC miners. This has been identified as one of the key factors that could help BTC regain its strength and increase in price.

Source: https://ahf.pw/42rP

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[Chris]

Another Bank Down: Crypto-Friendly Signature Bank Closed Over Systemic Risk Concerns – What Does This Mean for Crypto?

Yet another crypto-friendly bank has gone down with the collapse of New York-based Signature Bank. But according to the industry, crypto now cannot be stopped.

The collapse, which occurred over the weekend, is the latest in a series of bank failures that are sending shockwaves through global financial markets, with many fearing that a major banking crisis is unfolding. The crisis has hit the crypto industry particularly hard, with Signature seen as a key bank for companies operating in the sector.

Despite reassurances from Treasury Secretary Janet Yellen that “decisive actions” are being taken to strengthen confidence in the banking system, shares of major US banks fell sharply in Wall Street trading on Monday morning.

Source: https://ahf.pw/42sE

[Chris]

XRP Price Prediction as Ripple CEO Confirms Exposure to Silicon Valley Bank – What Does This Mean for XRP?

The price of XRP has gained slightly in the past 24 hours, rising by 0.5% after the coin recovered from a significant fall this past weekend.

At $0.363344, XRP has dropped by 1.5% in a week and by 5% in the last 30 days, with the coin dragged down by the market-wide selloff following the collapse of Silvergate Bank.

Yet XRP has also been threatened by the revelation that Ripple had some exposure to another collapsed financial institution, Silicon Valley Bank, which was shut down on Friday by the Federal Deposit Insurance Corporation after it suffered a run of withdrawals.

However, with the Federal Reserve and US Treasury stepping in to assure SVB’s customers that they will have full access to their deposits from today, investor’s nerves have been calmed, with the crypto market witnessing a recovery since Sunday.

And while XRP hasn’t matched the performance of the other major coins today, the token still has a potentially bright future ahead of it, with Ripple awaiting a positive end to its long-running case with the SEC this year.

Source: https://ahf.pw/42sF

[Chris]

Bitcoin Price Prediction as BTC Blasts Up 9.5% in 24 Hours – What’s Going On?

Bitcoin (BTC) and Ethereum (ETH) managed to reclaim the $22,000 level on Monday, suggesting some stability in the cryptocurrency market. After dropping to its lowest level since January, Bitcoin has surpassed the $22,000 mark and has seen a 10% increase in value on the day.

Ethereum has followed a similar trajectory and is now trading above $1,600. However, this positive development was mainly due to news about the government’s efforts to protect depositors of Silicon Valley Bank.

Source: https://ahf.pw/42sG

[Chris]

JP Morgan stock price: supported by inflows from regional banks

JP Morgan (NYSE: JPM) stock price crashed to a multi-month low of $127.92 last week as Silicon Valley Bank (SVB) collapsed. It then pared back some of those losses and closed at $133.65. The stock remains about 7.57% below the highest point this year.

JP Morgan to benefit from SVB collapse

JP Morgan, and other too-big-to-fail banks like Bank of America and Citigroup, are expected to benefit from the collapse of SVB, Signature Bank, and Silvergate Capital. The bank, thanks to its strong balance sheet and importance to the American economy will continue thriving.

Most importantly, the collapse of these regional banks will see most of them move their funds to big banks like JP Morgan. Last week, most companies who were moving their money did so to JP Morgan and other large banks.

Another reason is that JP Morgan is highly regulated. Like other big banks, it is subjected to regular stress test, which it has passed for more than a decade. Additionally, the company is well-diversified, with a strong presence in key sub-sectors like investment banking and wealth management.

JP Morgan has a solid balance sheet. The most recent financial results showed that the company’s investment portfolio had $629 billion, which is pretty solid. These funds are allocated to AFSS and HTMS and have a credit rating if AA+.

Most importantly, JP Morgan has made a better investment decision than Silicon Valley Bank. SVB’s collapse happened because the company invested deposits to long-dated bonds, which are now underperforming.

Still, the reality is that banks fail when there is no confidence in their operations. This happens when there is significant fear that the bank will not honor its depositors. JP Morgan seems to be having the opposite, with more people moving their money to the company.

Source: https://ahf.pw/42st

[Chris]

Euler Finance Suffers Massive $195M Hack in Flash Loan Attack – Here’s What Happened

Ethereum-based lending protocol Euler Finance has fallen victim to a flash loan attack resulting in around $200 million worth of digital assets stolen from the project.

The losses occurred over six transactions in dai (DAI), wrapped bitcoin (WBTC), staked ether (sETH) and USDC, and were carried out by two attackers, according to crypto analytic firm Meta Seluth.

The company claimed that the attack is related to the deflation attack one month ago. The attacker used a multichain bridge to transfer the funds from the BNB Smart Chain (BSC) to Ethereum and launched the attack today.

Euler Finance confirmed the attack in a recent tweet. The project said they are working with officials and will provide more details as soon as they have a clear picture of what happened.

“We are aware and our team is currently working with security professionals and law enforcement,” Euler Finance said in a tweet. “We will release further information as soon as we have it.”

The attack, estimated at around $196 million, has already become the largest hack of 2023.

Source: https://ahf.pw/42sC

[Chris]

According to L2BEAT data, the current total amount of Ethereum Layer 2 lock-up fell to $6.17 billion, a 7-day decline of 0.31%. Among them, the lock warehouse volume of the top five were: Arbitrum One (3.42 billion dollars, 7 days up 1.61%); Optimism ($1.87 billion, 7-day + 0.16%); dYdX ($302 million, down 16.21% in 7 days); Metis Andromeda ($124 million, down 3.58% on 7 days); Immutable X ($117 million, down 7.57% in 7 days).

Source: https://ahf.pw/42sm

[Chris]

Grayscale Bitcoin Trust negative premium increased to 38.19%

Coinglass data shows that the current total gray position reaches $18.799 billion, and the trust premium rate of mainstream currency is as follows: BTC, -38.19%; ETH, -49.24%; ETC, -64.07%; LTC, -47.54%; BCH, -27.84%.

Source: https://ahf.pw/42sn

[Chris]

Ethereum Price Signals Bullish Breakout, Why Dips Turned Attractive

Ethereum price rallied over 10% and broke the $1,600 resistance against the US Dollar. ETH could continue to rise if it stays above the $1,580 support zone.

·Ethereum started a major increase above the $1,565 resistance zone.

·The price is trading above $1,580 and the 100 hourly simple moving average.

·There was a break above a crucial bearish trend line with resistance near $1,480 on the hourly chart of ETH/USD (data feed via Kraken).

·The pair could correct lower, but dips might be limited below the $1,580 support.

Ethereum Price Surges Over 10%

Ethereum price spiked towards the $1,370, where the bulls took a stand. ETH formed a base and started a strong increase above the $1,450 resistance, similar to bitcoin.

There was a clear move above the $1,500 and $1,565 resistance levels. Besides, there was a break above a crucial bearish trend line with resistance near $1,480 on the hourly chart of ETH/USD. Finally, the pair surpassed the $1,600 resistance and traded as high as $1,636.

Ether price is now trading above $1,580 and the 100 hourly simple moving average. It is consolidating gains and trading above the 23.6% Fib retracement level of the upward move from the $1,370 swing low to $1,636 high.

On the upside, the price is facing resistance near the $1,630 zone. The first major resistance is near the $1,680 zone. The next major resistance is near the $1,700 level.

Source: https://ahf.pw/42ss

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