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Bitcoin (BTC) and Ethereum (ETH) is experiencing a lack of volatility, with both cryptocurrencies fluctuating between gains and losses. As of now, it remains uncertain whether there will be a significant change in prices during the weekend. Earlier, the BTC/USD price was trading bullish in a narrow range of $22,000 to $22,500.
Let’s look at the fundamental and technical side of the market.
FTX reports $8.9 billion shortfall in client funds and ‘highly mixed’ assets in recent presentation to debtors
Borrowers of FTX Issued its second stakeholder presentation on March 2, 2023. The presentation includes a preliminary analysis of the lack of passive cryptocurrency exchanges, revealing a significant shortcoming.
The analysis found that approximately $2.2 billion of the company’s total assets were held in FTX-related addresses, but only $694 million were considered “Category A assets,” which include liquid cryptocurrencies such as bitcoin, tether, or ethereum.
Additionally, the current CEO of FTX, John J. Ray III stated that the debtor’s efforts were sufficient and that the Exchange’s assets were “highly mixed”.
FTX’s debtor and CEO, John J. Ray III has released a presentation documenting the shortcomings of cryptocurrency exchanges. The report highlights a cyber attack that occurred after FTX filed for bankruptcy.
The report classifies FTX’s holdings into two groups, “Class A Assets” and “Class B Assets.” The public presentation reveals an $8.9 billion shortfall in customer funds. The report states that wallets initially associated with FTX.com held only small amounts of cash, stablecoins, bitcoin, ethereum, and other Class A assets. Much of the shortfall can be seen in Alameda Research.
Silvergate Bank Uncertainty May Undermine Crypto Markets
Silvergate informed the Securities and Exchange Commission (SEC) in a filing after Wednesday’s market close that it will have to delay the submission of its annual report as it assesses the impact of various events on its operations.
The delay in the submission of Silvergate’s annual report has led to a sharp drop in cryptocurrency prices, including the price of BTC. However, markets have since issued mixed signals about the impact of the event. It is worth noting that the Silvergate situation has significantly affected the cryptocurrency market.
Wednesday Night, Silvergate Capital (SI) announced It will delay filing its annual report due to damage from the November FTX crash and various regulatory investigations. The news hurt market sentiment, causing investors and traders to lose faith in the stability and security of the cryptocurrency industry.
This could potentially result in a market-wide selloff. It is worth noting that the Silvergate situation highlights the challenges and risks associated with investing in cryptocurrencies.
Furthermore, the delay in the submission of Silvergate Capital’s annual report has resulted in increased regulatory scrutiny of the cryptocurrency industry, which is already facing significant backlash.
This could make authorities more hesitant to license crypto-related businesses, which could potentially limit the growth and expansion of the industry. The situation highlights the need for tighter regulation and greater transparency in the cryptocurrency market to ensure investor safety and stability.
bitcoin price
Bitcoin It is currently trading at $22,396 with a 24-hour trading volume of $18B. Technical analysis of the BTC/USD pair suggests a breakdown of the symmetrical triangle pattern at the $23,250 level. If this happens, a breakout could expose BTC price towards the $22,046 support area.
Alternatively, if the price breaks below this support area, BTC could decline towards the $21,450 mark.
The appearance of a bearish engulfing candle indicates a significant sell bias. However, if the candle closes above this level, there could be a chance of a bullish rally towards the $23,750 mark with a target of $22,800 or higher.
ethereum price
current market price of Ethereum (ETH) at $1,567, with a 24-hour trading volume of $6.6 billion. From a technical perspective, the ETH/USD pair has broken out of a symmetrical triangle pattern, suggesting the possibility of further selling until it reaches the $1,560 level.
If the $1,560 level breaks, ETH could be exposed towards the $1,500 mark. However, it is worth noting that there is a strong resistance near the $1,620 or $1,680 levels, which could limit further losses in the price.
Top 15 Cryptocurrencies to Watch in 2023
Here’s a look at the top 15 altcoins to keep an eye on in 2023, curated by Cryptonews’ Industry Talk team. The list is updated regularly with new ICO projects and altcoins, so be sure to check back frequently for the latest updates.
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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