on Sunday, Bitcoin And Ethereum Both saw minor increases in value, with BTC reaching over $20,000 and ETH reaching the $1,400 mark. However, the decline of the US dollar, which resulted from February labor data showing slower wage growth, may be responsible for this 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 in the bitcoin community on using the ordinal, its growing popularity and potential impact on the bitcoin network could change the game for BTC miners.
Ordinal’s ability to enable faster and cheaper transactions could increase the 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 major factors that could help BTC regain its strength and increase in price.
Weak US Dollar Boosts Crypto Market
The global cryptocurrency market has seen significant losses over the past week, with both Bitcoin and Ethereum losing around 11% of their value. However, as the US dollar weakened, the price decline began to slow, and bitcoin began to recoup some of its losses.
Interestingly, a weak US dollar has been a key driver behind the recent surge in the cryptocurrency market. Nevertheless, labor data released for February indicated slower wage growth, suggesting an easing of inflationary pressures. This could prompt the Federal Reserve to keep its interest rate hikes modest, thus reducing the appeal of the US dollar.
While the US economy gained jobs faster in February, slower wage growth and elevated unemployment rates have dampened expectations of a 50-basis-point rate hike when Federal Reserve officials meet in two weeks.
However, it remains uncertain how the crypto markets and the US Dollar will perform in the coming weeks, given ongoing regulatory concerns and recent market volatility.
Silicon Valley Bank’s liquidity crisis sparks contagion fears in financial markets
Silicon Valley Bank (SVB), a major financial institution that caters to venture capital firms, has been badly hit by the liquidity crisis. The bank’s troubles have raised fears of contagion in financial markets and raised concerns over the potential impact on the wider economy.
It is worth noting that the bank, headquartered in Santa Clara, California, provides a range of financial services to venture capital firms and their portfolio companies. SVB is known for its expertise in the technology sector and has played a key role in the development of the venture capital industry in Silicon Valley.
However, recent reports have highlighted the bank’s financial struggles, with insiders reporting a “serious liquidity problem” at the institution. Reports suggest that the bank is struggling to maintain its funding levels, raising concerns that it may be unable to meet its obligations.
It should be noted that the news of SVB’s liquidity crisis has sent shockwaves through the cryptocurrency market, with the price of the leading digital asset plunging. The crypto market, which has been on a bull run for the past one month, has been badly hit by the news with Bitcoin and Ethereum losing significant value.
The focus will be on how SVB and other financial institutions react to the crisis and whether the fallout can be controlled. However, the crypto market, like other financial markets, will closely watch developments in the coming weeks as investors look for signs of stability and a return to normalcy.
SEC Rejects VanEck’s Proposal for Bitcoin Trust: Impact on BTC
It is worth noting that the Securities and Exchange Commission (SEC) has once again rejected VanEck’s proposal to create a spot bitcoin trust that would allow investors to trade bitcoin on regulated exchanges. The decision marks the first of nearly 20 similar denials over the past six years, as the SEC has hesitated to approve any such applications.
SEC rejected VanEck's proposal to list a #Bitcoin ETF for the third time. pic.twitter.com/cnCLVt3TnS
— CryptoCurrency News (@CryptoBoomNews) March 11, 2023
The SEC cited concerns over market manipulation, liquidity and valuation in rejecting VanEck’s proposal. However, the commission also noted that the cryptocurrency market still lacks transparency and regulation, which makes it difficult to ensure that the interests of investors are protected.
The rejection of VanEck’s proposal is likely to have a negative impact on the price of bitcoin in the near term, as it reduces the options for investors to invest in the cryptocurrency through regulated channels. It also highlights the regulatory challenges that cryptocurrencies are facing in the US.
bitcoin price
live today Bitcoin The price is $21,515, with a 24-hour trading volume of $22.8 Billion. In the last 24 hours, bitcoin is up by 5.00%. It currently holds the top position in Coinmarketcap with a live market cap of $415 billion.
Bitcoin bounced off the $19,850 support. If there were a breakdown below this level, it could trigger selling pressure and lead to a further decline towards the $16,400 level.
On the other hand, the first hurdle for bitcoin lies at the $21,700 resistance level. If bitcoin breaks above this level, it could trigger buying pressure and potentially push its price towards the $23,175 level.
If the bullish momentum continues, there are chances that bitcoin may even reach the $25,150 mark.
Top 15 Cryptocurrencies to Watch in 2023
Take a look at Industry Talk’s carefully selected roster of the top 15 altcoins in 2023, curated by Cryptonews. The list is regularly updated with fresh ICO projects and altcoins, so be sure to check back frequently for the latest developments.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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