This week’s episode of The Market Report, hosted by Cointelegraph, delves into the impact of Silvergate on the crypto market so far. In addition, the resident experts discuss the latest top stories that are affecting the industry in various ways.
One of the top stories discussed is the expectation of a “hot” February print of the Consumer Price Index (CPI), which could negatively affect Bitcoin and other risk assets in March. Historically, March has not been a great month for Bitcoin, and there are concerns that sub-$20,000 Bitcoin could be back on the table. This looming uncertainty has made traders nervous about taking positions until the market becomes clearer.
The experts also touched on the White House’s response to the recent issues faced by Silvergate, which has been referred to as a “crypto bank” that provided banking services to a number of high-profile crypto companies and projects. While the White House has noted the situation, there is still speculation about what could happen if Silvergate were to file for bankruptcy. Naturally, this has raised concerns about how the markets would react and how prepared investors should be for any potential fallout.
Another topic of discussion centered around the International Monetary Fund (IMF) paper that has raised questions about declaring Bitcoin as an official national currency, excluding El Salvador and the Central African Republic, which have already done so. The IMF has listed nine crypto-focused policy actions that 190 member countries should adopt, but elevating crypto to “legal tender” is not one of them. While there are differing opinions about whether or not declaring Bitcoin as a legal tender is a good idea, the paper will inevitably raise questions around the industry’s ability to gain recognition on a global scale.
The Market Report also provides insights from Cointelegraph Markets Pro, a platform that offers valuable information to crypto traders who want to stay ahead of the game. Each week, analysts use Markets Pro to identify two altcoins that standout in the current market conditions, providing valuable insight to traders on potential investment opportunities.
One unique component of The Market Report is the opportunity for viewers to interact with the hosts and ask questions during the live stream. Viewers can write their questions in the YouTube chat room and have the chance to win one-month subscription to Markets Pro worth $100.
In summary, The Market Report is designed to provide a comprehensive overview of the latest trends and developments in the ever-evolving world of cryptocurrency. Each week, the show’s experts provide valuable insights on the current state of the market, key trends affecting the industry, and potential investment opportunities to help individuals stay up-to-date and informed with the latest information. Don’t forget to tune into the Cointelegraph Markets & Research YouTube page every Tuesday at 12:00 pm ET (5:00 pm UTC) for the latest episode.