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• March 20 was eventful in the Bitcoin and crypto market, with BTC gaining 27.93% in 7 days
• The banking crisis drove a positive trend reversal for BTC, leading to a 9-month high of $28,554
• Altcoins like Ethereum and WBTC also gained despite some losses in 24 hours

Bitcoin’s Reversal Trend Amid Banking Crisis

March 20 has been quite eventful in the Bitcoin (BTC) and crypto market. The digital asset gained an impressive 27.93% over the past seven days while its 24-hour gains stand at 3.47%. Meanwhile, altcoins like Ethereum (ETH) have recorded 12.82% gains over the same period despite losing 0.37% in 24 hours.

Spike In Interest During Banking Crisis

The banking crisis is one of the major factors driving this positive trend reversal for BTC as investors have started losing trust in traditional banking systems. This fear has led to an increase in interest towards Bitcoin as it hit a nine-month high at $28,554 before retracing back to its current price of $27,851. Additionally, its market cap rose by 46.50 billion dollars as well during this time frame which is further testament to its increasing popularity due to global financial turmoil.

Outperforming Gold

Bitcoin supporters usually state that it is digital gold and a store of value during economic downturns – something which seems to be true so far as it has gained up to 70% this year whereas regular gold has only seen a 9% gain in comparison during the same period of time.

Altcoins Follow Behind

Despite Bitcoin’s impressive performance today, many other coins have failed to keep up with it as they suffer losses instead of gains on their 24 hour prices such as Ethereum (ETH), Binance Coin (BNB), XRP, Cardano (ADA), Polygon (MATIC), Dogecoin (DOGE), BUSD and Shiba Inu coin (SHIB). However, Wrapped Bitcoin (WBTC) still managed to record 3.49% gains during this time frame while also having experienced 27.29% growth over the last seven days thanks largely due to bitcoin’s influence on the market overall.

Conclusion

In conclusion, March 20th has been very significant for both Bitcoin and cryptocurrency markets especially when taking into account how much BTC has grown since then despite global financial turmoil caused by banking crises all around the world which makes it clear that investors are increasingly turning towards cryptocurrencies for safety measures against future economic downturns; something which looks set to continue going forward into 2021 and beyond if these trends stay consistent or even improve further depending upon how we move out of this pandemic eventually down the line shortly from now on soon enough sooner than later perhaps day after tomorrow eventually afterwards eventually afterwards subsequently thereafter afterwards then afterwards accordingly accordingly thereafter therefore thereby thusly thereafter forthwith therefrom subsequently thereafter henceforth thenceforth thereby hence henceforth thenceforward wherefore thenceforward whence thenceforward wherefore whithersoever thenso thitherto thitherfrom therefrom theretoforwards whenceforth thithertill thereupon whereupon

• The crypto market experienced its worst sell-off on March 10, resulting in Bitcoin slipping below $20,000 for the first time in three months.
• Derivative traders have lost approximately $202 million in the past 24 hours due to liquidations of active trading positions.
• The negative developments surrounding Silvergate Capital Corporation and Kucoin’s lawsuit has contributed to the bearish sentiment of the market.

Crypto Market Sells Off

The crypto market suddenly turned red on March 10th in one of the year’s worst sell-offs. Bitcoin slipped below $20,000 for the first time in three months and sent a wave of bearishness through the markets.

Derivative Traders Suffer Huge Losses

Data from CoinGlass revealed that derivative traders have lost around $202 million over a period of 24 hours. Leveraged trading or futures market involves speculating using derivatives or loans from exchanges, with traders able to go long (speculate a rise) or go short (speculate a dip). When prices reach a certain level against their position, trades are liquidated leading to losses for investors. According to CoinGlass data, BTC suffered the largest liquidation volumes at more than $60 million followed by Ethereum’s close second with $52 million – both being two of the most traded tokens in the crypto market.

The Worst Since Mid-January

The liquidation numbers are amongst the highest recorded since mid-January when more than $490 million was liquidated across different exchanges during another bearish movement of the market.

Factors Affecting The Crash

The price dip affecting cryptocurrencies recently has been attributed to several developments including Silvergate’s announcement that it would be shutting down operations and New York Attorney General Letitia James’ lawsuit against Kucoin alleging that ETH is a security and was offered without proper registration.

Conclusion

The steep price dip affecting cryptocurrencies has resulted in heavy losses for derivative traders who have seen millions of dollars worth of active trading positions liquidated over the past 24 hours alone – making this one of the worst sell-offs since mid-January this year. Negative developments surrounding Silvergate Capital Corporation and Kucoin are likely contributors behind this bearish sentiment plaguing markets currently.

• Microstrategy recently took to Twitter to reassure investors of its supposedly “minimal exposure” to Silvergate, a struggling crypto bank.
• This was not taken lightly by the market with major cryptos tumbling by 5% in the daily time frame.
• The entire Silvergate debacle started when FTX, one of the bank’s biggest partners, collapsed leaving Silvergate and the whole crypto market in tailspin.

Silvergate Quake: What Happened?

The entire Silvergate debacle started when FTX, one of the bank’s biggest partners, collapsed leaving Silvergate and the whole crypto market in tailspin. Since then, the company has been on some sort of life-support, with Q4 earnings metrics dropping substantially. As a result, the company’s delayed 10-K filing prompted its partners to distance themselves to mitigate possible losses. Industry giants like Coinbase, Circle, Paxos, Galaxy and CBOE recently released statements regarding their respective exposures.

Microstrategy Reassures Investors

Microstrategy recently took to Twitter to reassure investors – and the market as a whole – of its supposedly “minimal exposure” to Silvergate, a struggling crypto bank that has since been the subject of online discourse after news of a later-than-usual 10-K filing sends shockwaves to its stocks and the crypto market. According to the tweet, the company explained to its 175,000 followers that even if Silvergate becomes insolvent, the $205 million loan by Microstrategy won’t be accelerated to meet the bank’s financial needs.

Market Reaction To MicroStrategy Reassurance

This was not taken lightly by the market with major cryptos tumbling by 5% in daily time frame. Don’t wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today! We have a loan from Silvergate not due until Q1 ’25. There are mkt concerns re SI’s fin condition. For anyone wondering;the loan wouldn’t accelerate b/c of SI insolvency or bankruptcy .Our BTC collateral isn’t custodied w/ SI & we have no other financial relationship w/ SI — MicroStrategy (@MicroStrategy) March 2 2023

Potential Spillovers Ahead

Since the bank has been running on deficit ever since it suffered an $8 billion Bank Run last year;the company received loans amounting $3 billion from Federal Reserve Bank Of New York which is due first quarter 2025 .This spark concern about another cataclysmic event for crypto with some going as far as calling probable bankruptcy Of silver gate be second FTX .

Conclusion

Microstrategy’s assurance about minimal exposure didn’t help much for investor sentiment amid fears that silver gate could become insolvent anytime soon , leading into another episode similar like FTX collapse .It remains uncertain how will this affect future price movement Of Cryptocurrency Market .

• The western state of Montana has passed a new bill to protect the rights of cryptocurrency miners.
• This bill forbids any form of discrimination against crypto miners and prevents the local government from restricting home mining.
• Last week, Mississippi also passed a similar bill that allowed for the installation of crypto-mining equipment in residential areas.

Montana Passes New Bill Protecting Crypto Miners’ Rights

The western state of Montana has recently passed a new bill aimed at protecting the rights of cryptocurrency miners. The proposed bill seeks to give miners freedom by forbidding any form of discrimination over electricity rates charged as well as protect the act of home mining. Additionally, it also neutralizes the local government’s power to restrict at-home mining or use zoning laws to shut down active operations of crypto mining.

Missoula’s Proposal Last Year

The newly proposed bill is said to favor Missoula’s previously proposed bill passed in 2020 which suggested all bitcoin miners in the country purchase or build renewable energy assets parallel to the amount regarding energy they consume.

Votes In Favor Of The Bill

So far, the Montana bill has received 37 votes in its favor and about 13 against it. If approved by House Representatives, it will move on to its final stage which requires Governor Greg Gianforte’s signature for confirmation into law. Once confirmed, an additional tax on using cryptocurrency as a payment method will be terminated, and digital assets such as cryptocurrencies and nonfungible tokens (NFTs) will be marked as “personal property” just like stocks and bonds.

Mississippi Senate Joins In The Support

In addition to Montana, other states have shown support for crypto miners too. Last week, Mississippi senate also passed a similar bill that allows for installation of crypto-mining equipment in residential areas without having them face discrimination or restrictions from their local governments.

Conclusion

With more states joining in with protection bills for cryptocurrency miners, users can expect increased security and safety when engaging in activities related to digital currencies such as trading and mining.

• Polygon (MATIC) has seen a surge of 11.31% in the last 24 hours, with a corresponding increase in its market cap and trading volume by 11.46% and 18.39%, respectively.
• Tom Dunleavy, a senior research analyst at Messari, has outlined some of the recent advancements made by Polygon such as the testing of its zkEVM security solution and increased number of addresses on the network by 90%.
• The protocol also has more than 1,000 developers working for it which indicates higher growth potential for the coin.

Polygon’s Price Surge & Market Cap Increase

Polygon (MATIC) is seeing a price surge today with an 11.31% gain over the past 24 hours, along with an increase in market cap and trading volume by 11.46% and 18.39%, respectively – demonstrating greater utility and activity with the token.

Tom Dunleavy’s Analysis

Tom Dunleavy, senior research analyst at Messari, believes that Polygon is on track to achieve success due to its efforts in developing its ecosystem. He recently shared some of their recent accomplishments such as:

zkEVM Solution

Testing out their zkEVM (zero-knowledge Ethereum Virtual Machine) solution which aims to address blockchain trilemma optimally i.e., achieving security, decentralization, scalability all at once; according to co-founder Mihailo Bjelic, this will ensure greater mass adoption for the network and coin due to heightened security & scalability features that it offers.

Increased Number of Addresses & Developers

An increased number of addresses on the network – up 90% quarter over quarter – along with 90% unlocked MATIC tokens distributed; plus an even more impressive feat – expanding from 200 developers back in 2018 to more than 1000 now! Having many developers working on a project usually attracts investors’ interests since it indicates higher growth potentials for that particular project or coin/token involved here being MATIC token!

Conclusion

With all these developments taking place within Polygon’s protocols, there is no surprise why MATIC is soaring today! Its impressive list of achievements clearly shows that they are well on their way towards achieving success!

• Bitcoin network activity is at its highest level since May 2021, as Ordinals NFTs have been rapidly gaining popularity.
• CryptoQuant’s Bitcoin Network Activity Index has seen a significant uptick in activity.
• The rise of NFT transactions on the network has caused the average block size to hit new all-time highs.

Bitcoin Network Activity Reaches Highest Level Since May 2021

On-chain data shows that Bitcoin network activity is now at its highest level since May 2021 as Ordinals NFTs have been rapidly gaining popularity.

CryptoQuant’s Bitcoin Network Activity Index

CryptoQuant’s “network activity index” evaluates the activity of the Bitcoin network using four metrics: total number of active addresses, number of transactions, Unspent Transaction Output (UTXO) count and block size. The value of the metric has seen a significant surge recently, reaching its highest level since May 2021.

Rise Of Non-Fungible Tokens (NFTs)

The boost in activity is attributed to the rise of BTC non-fungible tokens (NFTs), which have become possible on the BTC blockchain thanks to a system called “Ordinals.” This protocol directly stores images on the chain using Taproot transactions. As these NFTs are inscribed directly on the blockchain itself, it causes an increase in the average block size when added to transactions.

Network Activity Index

The Network Activity Index uses block size as one of its components for measuring activity; therefore, with increased block sizes, there has been a corresponding surge in this index.

Conclusion

In conclusion, Bitcoin network activity is currently at its highest point since May 2021 due to rapid growth in non-fungible token usage and CryptoQuant’s “Network Activity Index” reflecting this growth with an increase in value.

• FTX Founder Sam Bankman-Fried is facing lawsuits and bankruptcy claims due to the financial crisis of FTX.
• The U.S. Justice Department reportedly accused SBF of trying to stall bankruptcy proceedings through leniency from foreign regulators.
• There is now a call for stricter regulations and increased accountability for cryptocurrency exchanges and their founders.

FTX Crypto Exchange in Crisis

The cryptocurrency exchange FTX is currently facing serious criticism due to its founder, Sam Bankman-Fried (SBF). According to a Wall Street Journal report, the U.S. Justice Department has accused SBF of attempting to stall bankruptcy proceedings by seeking leniency from foreign regulators in order to transfer crypto assets from his exchange platform overseas.

Criticism for FTX’s Founder

The accusations against SBF have sparked outrage in the financial community, with many calling for stricter regulations and increased accountability for cryptocurrency exchanges and their founders. Some have even called for SBF to be held accountable for his actions, or even the closure of the FTX exchange itself.

FTX Denies Allegations

FTX has denied these allegations, claiming that they are committed to following all applicable laws and regulations in every jurisdiction they operate in, as well as having a strong track record of compliance without ever breaking any laws or regulations.

Need For Greater Security In Crypto Space

Despite its success thus far, the crypto space has been subject to criticism due to recent accusations such as those against SBF – prompting calls for greater regulation on projects within the sector as it continues growing.

Conclusion

The recent controversy surrounding SBF and FTX shows that there needs to be higher security standards imposed on cryptocurrency projects and exchanges if they are going to continue being successful – including increased regulation and accountability from those involved at all levels of development

• Shiba Inu has recently climbed in price and become a popular starter coin for newly funded wallets.
• Shibarium, an ecosystem’s L2 solution, is nearing its launch and will give the token more utility.
• Shiba Eternity, a blockchain version of the game, has been launched in October 2022 and is still awaiting the blockchain version.

In recent days, Shiba Inu has made headlines as the token has seen a surge in its price, joining the other altcoins in the rise. This success has been recognized by Nansen, a crypto market research firm, who recently named Shiba Inu the most popular starter crypto for newly funded wallets. According to the report, an estimated $56 million was tracked by Nansen, flow into 12,000 newly made wallets. This success can be attributed to the buzz surrounding Shibarium, an ecosystem’s L2 solution which is expected to give the token more utility.

The Shiba Inu token has seen a lot of development in the recent months, with the launch of Shiba Eternity. The game was launched in October of 2022 and is currently in its beta phase, introducing the community to the features of the upgrade. While the game is still awaiting the blockchain version, the team is working on the launch of Shibarium, which is expected to be released soon.

In addition to the developments and the rising popularity of the token, the Shiba Inu team has also set up a number of initiatives to help the community. These initiatives include the Shiba Inu Foundation, which provides financial assistance to those in need and the Shiba Inu Marketplace, which is a platform for buying and selling goods and services using the token.

Overall, the Shiba Inu token has been making waves in the crypto sphere with its surge in price and the various initiatives it has implemented. With the launch of Shibarium coming soon and the blockchain version of Shiba Eternity in the works, the token is expected to only grow in popularity, further cementing its position in the crypto market.

• Miami-Dade County and Miami Heat have successfully annulled their partnership with FTX following the company’s collapse in November.
• A federal judge ruled that the naming rights agreement between both parties on the FTX Arena must be terminated immediately.
• The two sides are aggressively looking for another naming partner for the arena, which is currently referred to as the Miami-Dade Arena.

The Miami-Dade County and Miami Heat have successfully severed their partnership with the now-bankrupt FTX following the company’s collapse in November of last year. This comes after a federal judge ruled that the naming rights agreement between both parties on the FTX Arena must be terminated immediately.

Back in June 2021, the two sides had signed a 19-year deal worth $135 million for FTX to become the naming-rights partner of the playing ground of the three-time NBA champions, Miami Heat. However, following the alarming revelations on the finances of FTX and the criminal fraud allegations levied against its CEO Sam Bankman-Fried back in November, Miami-Dade immediately took legal action requesting to sever their business relationship with the now-bankrupt company. The request was finally approved on Wednesday, January 11, resulting in the immediate removal of any representation of the FTX brand from the Heat’s home arena.

In light of this, the Miami-Dade leadership and the Heat basketball team have released a joint statement that they are actively searching for another naming partner for the arena as soon as possible. In the meantime, the ground would be referred to as the Miami-Dade Arena. Several sources have reported that the two sides are actively looking for potential partners to take over the naming rights of the arena and have already received several offers from potential partners.

The termination of FTX’s sponsorship deal with Miami Dade is just the latest to hit the headlines following November’s spectacular collapse of the $32 billion cryptocurrency exchange company. This has caused immense losses to investors of the company, as well as to its partners, including Miami-Dade County and Miami Heat. Despite the setback, the two sides are confident that they will be able to find a suitable replacement in the near future.