The cryptocurrency market has been making headlines due to several financial crises and SEC’s scrutiny going through the space with unpredictable fluctuations.It seems that the upcoming week will be no exception as the market will likely remain volatile ahead of major macro events.With several key macro events on the horizon, investors and analysts are closely watching the market’s next moves.From the Federal Reserve’s meeting to Bitcoin’s difficulty adjustment, each of these events has the potential to significantly impact the cryptocurrency industry’s trends and direction next week.What Can Market Traders Expect Next Week? This week the crypto market met intense volatility with a sharp decline on Friday.
The cryptocurrency market is always filled with surprises, and this week was no different.Several events rocked the market, including the SEC’s investigation into Binance and the financial crisis at crypto bank Silvergate.Following the FUD situation, leading assets like Bitcoin and Ethereum dropped over 5% and now aim to break below their crucial support levels, which may soon lead to another correction in the market.Moreover, there are several critical macro events that are going to keep the same pressure on the crypto market next week as investors are yet to gain enough confidence to buy in the dip.PMI Data Purchasing Managers’ Index (PMI) data is an important economic indicator that can provide valuable insights into the health of various industries, including the cryptocurrency market.
The S&P Global Asia Sector PMI and S&P Global Dubai PMI are scheduled for the 6th and 9th of March, respectively.PMI data can provide a graph of the health of the cryptocurrency market, including the level of institutional adoption, innovation and development, and regulatory uncertainty.As a result, positive data will significantly boost the market’s bullish potential next week.Federal Reserve Meeting Though the Fed meeting is set to take place on 22 March, it may build up bearish pressure in the market as the US Federal Reserve’s recent release of the minutes from its February 1st meeting suggests that more interest rate hikes are on the horizon.
This could pose a significant challenge for the cryptocurrency market in the medium term.
More hikes in the interest rate in March will create a downturn for the crypto market, and Bitcoin may plunge below the $19K level, forcing several assets to drop significantly.Bitcoin Difficulty Adjustment The Bitcoin network undergoes a process called “hashrate adjustment” every two weeks, which helps maintain the network’s stability and security.This event could have an impact on the cryptocurrency market, as changes in the hashrate can affect the difficulty of mining and the overall supply and demand for Bitcoin.
As Bitcoin is currently experiencing a plunge, the increase in mining difficulty from 43.05T to 44.01T on 10 March will create a bearish scenario for Bitcoin, which will eventually reduce miners’ profitability and plunge multiple assets to their bottom levels.Conclusion The next week will be important for the cryptocurrency market, as several macro events are set to take place.As a result, investors should stay informed and remain vigilant about potential risks and opportunities in the market.With volatility expected to continue, it’s more important than ever to have a well-diversified portfolio and a long-term investment strategy.Was this writing helpful? No Yes Shayan Chowdhury Shayan is a digital nomad and a professional journalist.He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.
Crypto news Will Citadel Step up And Save a Drowning Silvergate? Here’s What To Know The cryptocurrency industry is on edge once again as leading crypto-friendly bank Silvergate is on the verge of failure, just 4 months after the collapse of FTX.Fear and uncertainty have taken over the markets as some of the largest players in the sector visited the bank.Since the FTX collapse caused a run on deposits, Silvergate experienced a problem the previous year.The withdrawals were a factor in Silvergate’s almost $1 billion loss in the last three months of 2022.
The release of the publicly traded bank’s 2022 annual report has been postponed.It acknowledged having “going concerns” about how it would make ends meet.
In order to assess “internal controls over financial reporting,” Silvergate has asked the Securities and Exchange Commission (SEC) for more time.The audit of the bank’s fourth quarter financials has not yet been signed by Crowe LLP, Silvergate’s financial auditors.As FTX failed, customers withdrew more than $8 billion in deposits from Silvergate.Several providers of digital assets are actively severing their ties with Silvergate.Circle, a USDC issuer, recently declared that it was “unwinding” its partnership with Silvergate, which would have an effect on some of its services.
Coinbase announced that it would stop using Silvergate to handle deposits and withdrawals in the meantime.However, amid the rising concerns, it is rumored that Citadel Securities, which already has a stake in the American bank, will step in to save the day.Andrew said on Twitter that Citadel might put more money into Silvergate to help it out of its liquidity crisis.He wrote on Twitter, “UPDATE: Internal rumors at Silvergate $SI that Citadel could step up and bail them out; cash infusion where capital shortfalls exist.Citadel Securities is the worlds largest market maker and owns 5.5% of Silvergate Bank $SI.” Was this writing helpful? No Yes Crypto news Crypto Headwinds May Pile Up- Markets to Face Another Sell-off Soon! The crypto space is falling down! Yes, you heard it right! The Bitcoin price was once again subjected to massive liquidations, resulting in a more than 5% drop in its price along with the other altcoins in the market.
With this, the entire market cap collapsed to close to $1.03 trillion.While market participants believe the prevailing bearish trend may ease soon, triggering a rebound, it appears that the bears are here to stay! The BTC price is consolidating along the lower gained levels from the past few hours and hence squashing the possibility of an immediate recovery.
Therefore, the prices of the major cryptos are believed to remain under bearish influence for some more time ahead, as multiple events are about to mark their strong presence within the crypto space.A popular analyst lists the probable events that may occur in the coming months.Apart from Silvergate, MT.Gox unblock is underway, while the Shanghai upgrade is expected to shake the market as the locked ETH may be withdrawn.As per the analyst, the CPI may soar high by 50bps while the stock markets may witness weakness.The analyst also specified that a combination of the above-mentioned events may trigger mass liquidations again.
The market participants were in extreme fear until the market rose at the beginning of 2023.However, after experiencing a small sigh of relief, the bearish cartel is believed to dominate, which may create another price depression within the markets.Therefore, will Bitcoin form the bottom before the end of Q1 as predicted by some analysts before, or head back towards $25,000? We need to wait and watch.Was this writing helpful? No Yes Sahana Vibhute A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space.Researching minute occurrences and bringing new insights lie within the prime focus of my task.Back to top button Crypto news Crypto Market Downtrend: Millions of Liquidations Recorded After the Looming Silvergate Concerns Early on Thursday, Bitcoin (BTC) shook a little bit as the crypto-friendly bank Silvergate Capital (SI) lost more than 50% of its value due to concerns that it might not survive.
Despite 2023 off to a strong start with BTC being up 34.8% for the year, there has been a dramatic decline.A barrage of liquidations have been sparked by a sharp drop in the price of Bitcoin across all crypto markets.
While Bitcoin slipped from $23,443 to $22,259, $250 million in cryptocurrency holdings were liquidated, as reported by CoinGlass.The most affected traders were those who were long Bitcoin and Ethereum, with $76 million and $40 million in liquidations, respectively.However, there was no clear reason for the drop, despite the fact that economic headwinds continue to affect the crypto markets.It might also be the possible aftereffects of Silvergate fiasco, which recently declared that it will need to perform a new audit to determine its viability following the collapse of FTX.Contrary to the FTX collapse in November, which caused bitcoin to plunge to multi-year lows, the impending Silvergate issues had minimal impact on the largest cryptocurrency in the world by market value.On Thursday, the price of bitcoin stayed at $23,000.According to the anonymous trader and analyst Credible Crypto, BTC has reached low time frame support at $22,243 and must maintain the level to prevent a further decline.
“There is our drop to low time frame support as expected.Now bulls have to make a stand here.If they fail to, then my downside target will be met sooner rather than later… I will also add that until/unless we break the lows at $21,373 I lean bullish (green path),” he wrote.
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