Over the last week, the market has seen some challenges due to recent bank runs and ongoing inflation concerns in the U.S. The depeg of stable coin USD Circle($USDC) caused by the bankruptcy of Silicon Valley Bank(SVB) once led to a fear of another market freefall after the bankruptcy of Three Arrow Capital and FTX. Luckily, the USDC price finally regained its $1 price when the U.S. government announced that all SVB depositors would be paid in full.
However, as the Silicon Valley bank failure crisis continues to ferment, the Federal Reserve for depositors’ cover failed to save the confidence of other regional banks, as regional bank stocks were butchered again on Monday, with a number of banks and custodian giant Charles Schwab melting down several times during the day, with First Republic Bank closing down nearly 62% to hit the biggest drop since its IPO. European bank stocks also plunged. Credit Suisse shares hit a new record low, falling 15% at one point during the day.
After the failure of Silicon Valley Bank and Silvergate Bank, the Federal Reserve announced a new emergency lending program for banks, which will help ensure that banks have the ability to meet all of their depositors’ withdrawals, including allowing banks or other mortgage lenders to access cash by pledging U.S. Treasuries or mortgage-z-backed securities. Federal Reserve Chairman Jerome Powell said officials had considered not raising rates at this meeting after the banking sector pressure intensified last week.
On March 23, Powell announced under pressure that he would still raise rates by 25 basis points, and crypto markets fell in response, with Bitcoin($BTC) down more than 5%. But overall, the crypto market continues to rise, as Bitcoin highlights its potential as a safe-haven asset.
Price Changes of Notable Tokens
Bitcoin ($BTC) $28,273.9 +8.41% (7 days)
Despite the sudden drop brought on by the Fed’s rate hike, the Bitcoin $BTC price has moved upward in stability over the past week, rising to more than its highest price in the six months since the $LUNA(Now $LUNC) crash. With the RSI signaling overbought conditions, it is likely that BTC will revisit the monthly level of 29,300 after its failure to surpass the supply zone. The Bollinger band is currently in a range of 27002–28881 with a stable opening, while the K-line is also oscillating in the middle of the range, for now.
Ethereum ($ETH) $1818.04 +5.63% (7days)
The price of $ETH shows similar trends to $BTC over the last week. Due to the Shanghai upgrade delay, the staked $ETH is not fully able to open for withdrawals for now, so the market has not yet officially accepted the potential selling challenge. However, with the price overshoot relative to $BTC, $ETH’s dominance has come to 18.78%, maintaining its second position. However, with the price overshoot relative to bitcoin, ETH’s market share has come to 18.78%, maintaining its second position. The current support level is between 1710.81- 1851.32, while the k-line has a slight tendency to head up. If it can break 1851.32, there will be a chance to look up to break $2000 next.
Major Events
On March 24, the much-anticipated Ethereum Layer-2 scaling protocol Arbitrum officially completed the token $ARB airdrop, and the enthusiasm of the community once brought down the website and Arbitrum network. According to the data on the chain, Arbitrum had a record high of over 1.21 million transactions on March 22, surpassing both the 1.08 million transactions on the main Ethernet network and the 260,000 transactions on Optimism. Its heat is evident.
In 2023, the regulators are increasing the regulation of stablecoins, including a series of instruments against BUSD. At the same time, there has been some turmoil in the stablecoin market due to a brief de-peg of USDC. Lookonchain monitoring shows that Tether has just minted another 1 billion USDT on Tron, and Tether has minted 5 billion USDT on Tron and Ethereum in the past 7 days. Meanwhile, with the recent rise, the circulating supply of TrueUSD stablecoin is over $1.1 billion and the market cap is over 15%.
Trending Fundings And Investments
Multi-Asset Investment Platform eToro Raises $250 Million
Multi-asset investment platform eToro has raised $250 million at a $3.5 billion valuation through an Advanced Investment Agreement (AIA) with investors including ION Group, Social Leverage, SoftBank and Spark Capital, Techcrunch reports. eToro plans to use its new capital to grow its EToro plans to use its new capital to grow its business and invest in the product globally and in “key markets”. It also intends to expand its operations in the United States.
Web3 AI-based Platform OP3N Closes $28M Series A at $100M Valuation
OP3N, a web3 AI-based platform, closed a $28 million Series A round of funding led by Animoca Brands, and including funding from Dragonfly Capital, SuperScrypt
Crypto Security And Custody Platform Turnkey Raised $5.7M
Tuesday, Turnkey revealed a $7.5 million seed fund raise from Sequoia, Variant and Coinbase. Turnkey is aiming itself as a developer-first tool which will allow users to “generate hundreds of wallets and sign thousands of transactions across any chain, all with flexible, programmable permissions to ensure you only sign what you want.”
Stablecoin Issuer CNHC Group Closes $10M Series A+ Funding Round
On March 15, CNHC Group, a stablecoin issuer, closed a $10 million Series A+ round of funding led by KuCoin Ventures, with participation from Circle and IDG Capital.
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