Welcome to a new CryptoNews Weekly Recap! Here you’ll find everything you need to know about what’s happening with cryptocurrencies in a landscape that looks dark for finance globally.
As the global financial system reels from the impending collapse of several well-known banks, investors are looking for where to put their savings safely. And the answer, in many cases, is cryptocurrencies.
Are you one of those who are beginning to see the problem in traditional banks? Do you want new alternatives to an increasingly corrupt system? Or if you have already entered the world of cryptocurrencies and want to know what is happening and what will happen to your digital currencies, this Recap has everything you need.
Deutsche Bank is the latest financial institution in trouble. If it falls, we can already expect a financial earthquake unprecedented since the fall of Lehman Brothers. But what about cryptocurrencies? Well, as an alternative to the traditional system, digital currencies are serving as a safe haven for investors.
At the beginning of the week Binance’s cryptocurrency, BNB, had a huge growth of 30% in just over 8 days and is already targeting $450. Bitcoin, the leading crypto on the market, surpassed the $28,000 line, proving to be the most chosen asset as an alternative to banks. Our trading expert made an unmissable analysis of the technical fundamentals of Bitcoin and how its price will evolve, CLICK HERE TO WATCH IT.
Of course, the rest of the market felt the traction of BTC and accompanied with good rallies. Solana had a few hours of uncertainty in which it fell 4% in 24 hours, but still its weekly balance is more than favorable. For its part, XRP is attracting everyone’s attention, as more and more people are claiming that Ripple will win its legal battle against the SEC, which would open new horizons for the cryptocurrency, in addition to a significant increase in its value. Ethereum, the second most important crypto on the market, is also showing a good uptrend and many believe that it will soon break the $2,000 barrier.
Coming back to the Fed, it seems that the US regulatory agency has its priorities rather messed up. While several banks are falling (such as SVB) and many others are hanging on by a thread, the FED continues to devote time and resources to ruthlessly attack the crypto sector.
Week after week we have been reporting on new measures that seek to control and subdue the cryptocurrency ecosystem. Of course, this was no exception and this time it was the turn of Coinbase, which received a threatening notice from the Commission.
The SEC was also in the news this week for its decision to raise interest rates again in the US, causing a stir in both the cryptocurrency and traditional markets. Although, in the midst of the chaos, only one of them regained the path of growth in just a few hours…
If you want to know more about the world of cryptocurrencies, do not forget to check our website daily, where you will find the latest news.