US inflation drop to 6% and push market up. Breaking 25.200$ is happening and this is great point to continue push up.
BTC break up on 1h time frame and 25.200$ need to hold for next leg up. This could bring price up to 30k in coming days. We need 4h time frame confirmation but looking strong for next leg up. Looking bullish.
ETH looking bullish and it break 1720$ on 1h chart need one more confirmation on 4h. Still great push with target 2000$. Looking great for next push up.
XRP making strong push into 0.38$ and show strength to kick in 0.4$ with strong push.
LINK strongly pushing into 7$ resistance and showing strength for next leg up. Need to close daily over 7$ to make great push up.
SOL pushing strong 22$ and showing strength for next leg up. Looking good and showing strength.
DXY show weakness and dropping after bad numbers after inflation dropping to 6%.
Crypto/stock daily news:
DOWN GOES SIGNATURE BANK
Another week, another bank collapse. First, it was Silvergate Bank, then Silicon Valley Bank, and now…
It’s Signature Bank. The U.S. Treasury, Federal Reserve, and FDIC announced in a joint statement Sunday evening that Signature was being shut down due to “systemic risk”.
Ouch. Talk about a rough week for banks that start with S…
Here’s what you need to know about the Signature collapse:
Signature Bank was one of the main banks used by crypto companies. It was a big lender in the industry.
It had $110B in total assets and $88.6B in total deposits, according to a recent securities filing.
Depositors of Signature Bank will have full access to their funds this week. U.S. regulators are making sure that depositors are made whole. On the other hand, equity and bondholders are being wiped out.
But wait, there’s more… U.S. regulators also announced that all Silicon Valley Bank depositors will be made whole and will get access to funds starting today. Hallelujah.
Why this all matters: Well, there’s good news and bad news:
Good news: Thousands of companies use SVB and all of them were wondering whether they’d still have a business after it collapsed…
The crypto streets were filled with panic that caused stablecoins like USDC to depeg from $1 → $0.85.
Now the government has assured everyone that all depositors will be made whole and get access to funds this week, including Circle (the issuer for USDC).
USDC has repegged. No one loses their business. Employees will get paid. Crisis averted.
*sigh of relief*
Bad news: Silvergate, Silicon Valley Bank, and Signature were the 3 go-to banks for crypto. Major players like Coinbase, Circle, etc. used them, so these are big losses for the crypto industry.
Not only did crypto companies lose their banks, but it’s only gonna be harder to get other banks to work with them.
Ironically, crypto is unbanked right now. The very thing that was “banking the unbanked” has now joined the bankless gang.
It’s a bitter-sweet moment for crypto. Sure, some people might look toward crypto after all the trust issues with traditional banks now. Both BTC (+15%) and ETH (+12%) are up big over the last 24h.
But now the industry has lost 3 of its major fiat on-ramp/off-ramp partners, which will only make it harder for people to get into crypto in the first place.
So, what’s next? It’s gonna be a big couple of weeks. Right now, it looks like the day might be saved with depositors being made whole, but everyone will be on the edge of their seats to see whether any other big banks are in trouble too.
Jerome Powell is also set to announce interest rate hikes next week, so we’ll have to wait and see whether this banking fiasco will make the U.S. government slow down the hikes or not.
All Eyez on JPow.
Market data coming bullish and market price now 0.25 rate increase and this is bullish news. Lets pump this market.
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Sentiment Is now BULLISH and real test for bulls are this week.
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