St. Patrick’s Day has arrived and, to celebrate, the cryptocurrency market has been dyed green! Let the party begin! Welcome to a new Cryptonews Weekly Recap from Crypto Economy! Want to find out everything that happened this week in the world of cryptocurrencies and what’s coming up in the next few days? Well, we’ve got you covered!
While traditional investors and shareholders are clutching their heads over the collapse of major banks (and more may yet fall), cryptocurrencies have opened their doors to welcome those looking for secure, decentralized alternatives. This week has been the definitive confirmation that cryptos are here to stay… Even though it may annoy some people.
After the shock caused in the traditional markets by the collapse of the SVB bank, even the White House had to intervene to avoid a domino effect throughout the banking system. Far from suffering negative effects, the cryptocurrency market soared, with several digital currencies rising double digits in a matter of hours.
Of course, not everything could be rosy for cryptocurrencies, as over the past weekend USDC, one of the main stablecoins in the market, momentarily lost its peg with the dollar. But to the relief of investors and holders, who were already beginning to think that it would all end like when LUNA’s UST fell, USDC was able to regain its 1:1 parity. Everything that happened, you can see it in our article HERE. Also, we analyze if the stablecoin can fall again in the near future. Don’t miss it if you have USDC.
Undoubtedly the cryptocurrency market came out stronger from the banking crisis we are still witnessing. Bitcoin, for example, is achieving levels of dominance seen almost a year ago, it shows an incredible rise of 30% in just 5 days, and our trading expert analyzed it in detail. He did the same with Ethereum and answered the question everyone wants to know: will ETH reach $2,000?
Clearly, Ethereum is being the diva of the market, as we are getting closer and closer to its Shanghai update (better known as Shapella), which could be a turning point for its blockchain. Shanghai already ran on the testnet and, although some issues arose, it is expected to be a success. Want to know what changes Shapella will bring and why it is so important? Go to the link!
The week is ending on a high note! In fact, in the last few hours, Arbitrum has announced a cryptocurrency airdrop to celebrate its transition to a DAO and the launch of its new token… All roads lead to decentralization. And for lovers of hidden gems in the market, the GMX token is proving to be one of the big surprises, up 21%.
Finally, the cryptocurrency market continues to rise and the bull run seems not to stop. While on Wall Street the fear of more banks falling is spreading like wildfire more and more investors are moving to decentralized and secure alternatives, away from banks and their lack of transparency.
See you next week with more crypto news! Don’t forget to check our website every day to be the first to know about all the news.
