Bitcoin (BTC) Ethereum (ETH) and other cryptocurrencies have seen a decrease in volatility over the past few days. BTC/USD prices have been fluctuating in a tight range between $22,000 to $22,500. Investors are wondering if there will be any significant price movements over the weekend.
Let’s explore both the technical and fundamental elements of the market.
FTX Uncovers Shortfall Of $8.9 Billion In Customer Funds And Assets In Recent Disclosure To Creditors
FTX’s second stakeholder presentation was made public by the debtors on March 2, 2023. The report contains an initial assessment of the cryptocurrency exchanges shortage. The analysis found out that approximately $2.2 billion of the company’s total assets were located at FTX-related addresses. However, only $694 million is included in the “Category A Assets”. This includes liquid cryptocurrencies such as Bitcoin, Tether, and Ethereum.
Additionally, FTX’s CEO at the time John J. Ray III mentioned that the debtor had made considerable efforts and that the exchange’s assets were in a good condition. He identified them as “highly commingled”.
A further report was released by the CEO and the debtors of FTX, which disclosed a cyberattack that took place shortly after FTX filed for bankruptcy. It divided FTX’s holdings into two groups, “Category A Assets” and “Category B Assets”. The public presentation revealed a shortfall of $8.9 Billion in customer funds. Stablecoins had a low value and weren’t able to replace the funds. Bitcoin, Ethereum, and other Category A Assets FTX.com are still in the wallets, yet the source of the deficit can be tracked back to Alameda Research.
Silvergate Bank’s Incomplete Filing May Lead To Weakness In Cryptocurrency Markets
Silvergate Securities advised the US Securities and Exchange Commission (SEC) in a filing after Wednesday’s market close, that they would delay submitting their annual report due to their evaluation of the effect of various events on their operations.
The delay in Silvergate’s Annual reports caused a sharp decline in cryptocurrency values, including BTC’s price. Although the market has been ambivalent about the implications since then, it is worth noting that the crypto market has been adversely affected by this situation.
On Wednesday night, Silvergate Capital (SI) reported that they would put off submitting their yearly reports due to losses from The November FTX crash and other regulatory investigations. This news had a negative impact on market sentiment, causing investors and traders to doubt the stability of the crypto industry.
This could potentially result in a complete market sell-off. It is worth noting, however, that this episode highlights the risks associated with the cryptocurrency industry. It is uncertain how this will affect the market in the long run.
and the difficulties investors face when it comes to cryptocurrency.
Additionally, delays in the filing of Silvergate Capital’s Annual reports have led to a heightened level of regulatory oversight of the crypto sphere. This has already received considerable pushback from authorities.
This could lead to a decrease in the number of licenses granted to crypto-related businesses, possibly restricting their growth and expansion. This demonstrates the need for tighter regulation and increased transparency in the cryptocurrency market, in order to protect investors and maintain stability.
Bitcoin Price
The current market price of Bitcoin is $22,396, with a daily trading volume of $18 million. Technically, the BTC/USD pair is attempting to break out of the symmetrical triangle pattern around the $23,250 level. If successful, a breakout of the support zone at $22,046 could lead to a rise in the price of Bitcoin.
Alternatively, if the price falls below $22,046, a drop to $21,450 could be seen.
The appearance of a bearish engulfing flame points to a strong selling sentiment. However, if the candles close higher than the current level, there is potential for a bullish bounce with a target of $22,800 and possibly even higher towards the $23,750 mark.
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Ethereum Price
The current market price for Ethereum (ETH) is $1,567, with a 24-hour trading volume of $6.6 million. Technically, the ETH/USD pair has broken out of a symmetrical triangle pattern. This indicates that there could be further selling until the $1,560 level is hit.
If the $1,560 barrier is breached, ETH is likely to fall to the $1.500 level. However, if there is strong resistance at either $1,620 or $1.680, prices are unlikely to drop further.
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Top 15 Cryptocurrencies To Watch In 2023
The Cryptonews Industry Talk team have compiled a list of the top 15 altcoins worth watching in 2023. This list is updated regularly, so check back often for the latest news, ICO projects and altcoins.
Disclaimer: The Industry Talk Section features insights from key players in the crypto industry and is not part editorial content. Cryptonews.com.
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