Weekly Crypto Recap with NewsCrypto

Welcome crypto enthusiasts. Today NewsCrypto is bringing you the 10th issue of the weekly newsletter.

Oscar's awards ceremony concluded yesterday. We are glad to announce that NewsCrypto won a reward…

What have we got for you today?

    1. Breaking crypto news

    2. BTC analysis

    3. Banking situation in the US

    4. Funniest meme of the week

1. News Recap

    • CoinGate now supports Binance Pay on its payment processing service, read more

    • Judges question SEC’s logic during Grayscale’s first Bitcoin spot ETF appeal hearing, read more

    • Binance US wins court approval to acquire Voyager’s assets, read more

    • Ripple Lawsuit: Judge says SEC lawyers prioritize personal agenda over law, read more

    • Circle confirms $3.3B of USDC’s cash reserves stuck at failed Silicon Valley bank, read more

    • Euler Finance flash-loan attacked for an estimated $197 million, read more

Do you want to be up to date with news?

Then visit the News section on our platform:


2. Bitcoin TA analysis

Before we start here is an overview of the Fear & Greed index:

Source: lookintobitcoin.com

Actually the fear and greed index dropped to 33 points, but with the Bitcoin price spike today, it went straight back up.

Daily Time Frame

Source: TradingView.com

Last week, we can definitely say that the market went through a rollercoaster, just look at BTC price movement:

    • Flash drop under $20k

    • Recovered in just one day and currently above $24k.

    What is the current state of the PA?

    As you can see, the price reclaimed significant levels:

        • Important support zone 

        • EMA200

        • Trendline 

    The only concern a trader or investor could have is that Stochastic RSI is approaching the overbought zone!

    Moreover, we have received reports that FED swaps suggest that further interest rate hikes are unlikely, another great news. If this prediction turns out to be true and BTC price manages to reclaim the trendline, the possibility of reaching $25k seems highly likely..

    4h Time Frame

    Source: TradingView.com

    We can see that the price is trying to claim both EMA200 and the trendline.

    The following 4h close will be crucial for BTC's next move.

    Let’s hear from you! We always welcome feedback from our readers. Do you agree with our analysis or have a different perspective?

    Reply to this email with your thoughts and analysis, and we will reward 3 readers with $20 USDT each

    3. What happened with the US banking system?? Chronological record👇

    Rumors of failure emerge

    President Biden’s tax hike proposals have put a damper on things, and Silicon Valley Bank's parent company seems to have taken a shot at itself. The bank recently sold $21 billion of securities from its portfolio, which will lead to a Q1 post-tax loss of $1.8 billion. Ouch!

    On top of that, SVB sold $1.25 billion of common stock and $500 million of convertible preferred shares. To add insult to injury, General Atlantic swooped in and agreed to purchase $500 million of its common stock. Talk about selling everything but the kitchen sink!

    To make matters worse, Bloomberg News reported that SVB does business with nearly half of all U.S. venture capital-backed startups, as well as being tied to 44% of venture-backed technology and healthcare companies that went public last year. Considering the state of those sectors, which have been severely hit, they are desperately seeking liquidity. Looks like SVB took one for the team.

    Silicon Valley Bank shut down by California regulators

    Silicon Valley Bank has been given the boot by California regulators and the FDIC is taking over as receiver. They even created a new bank called DINB to protect "insured depositors". But don't worry, all of Silicon Valley Bank's deposits have been safely transferred. Looks like they'll have to stick to investing in tech startups instead of being one themselves.

    The issuer of the stablecoin $USDC, Circle, confirmed $3.3 billion of the ~$40 billion $USDC reserves are in collapsed Silicon Valley Bank

    In a shocking twist, it turns out that USDC's stability is about as stable as a unicycle on an earthquake. It was revealed that $3.3 billion of the stablecoin's reserves are held in Silicon Valley Bank, causing its value to take a nosedive faster than a skydiver with a faulty parachute. The price depegged and fell as low as $0.88 (Binance) - not exactly a confidence booster.

    Twitter page and the website of Silicon Valley bank went down

    List of Companies With Silicon Valley Bank, $SIVB, Deposits

        1. Circle: $3.3 billion

        2. Roku: $487 million

        3. Coinbase: $240 million

        4. BlockFi: $227 million

        5. Roblox: $150 million

        6. Ginkgo Bio: $74 million

        7. iRhythm: $55 million

        8. Rocket Lab: $38 million

        9. Sangamo Therapeutics: $34 million

        10. Lending Club: $21 million

        11. Payoneer: $20 million

    The most concerning aspect is that these are just the companies that have currently revealed their vulnerability.

    Another bank named Signature bank closed by regulators

    The US regulators have shut down Signature Bank, located in New York, citing "systemic risk" in the aftermath of the widely reported collapse of Silicon Valley Bank. This closure has been confirmed in a joint statement by the Federal Reserve, Treasury, and FDIC.

    Multiple banks' stock trading halted over volatility.

    This is an unfinished story. 

    We are on it like a hawk that’s chasing it’s prey and we will update you throughout the week.

    4. Funniest Meme of the week