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Banking crisis spreads to the cryptocurrency market: the U.S. rejects a deal with Binance

Banking crisis spreads to the cryptocurrency market: the U.S. rejects a deal with Binance

The recent banking crisis involving the bankruptcy of Silicon Valley Bank has led to an emergency withdrawal of funds from other banks. Based on the latest Fed data, customers have withdrawn about $250 billion from local banks in the last month.

 

The government is also steadily interfering with the economy, so to manage assets wisely, it is necessary to diversify its approach to investing. Economists do not rule out the emergence of "black swans," so investors should consider the following option: keep their funds for about six months in each of two banks (local and global), and have multiple payrolls in Bitcoin or Ether.

 

Traders need to consider new approaches to trading cryptocurrencies using a variety of volatile assets. For the past week, Bitcoin has been fluctuating between $27,500 and $28,000, a positive sign could be considered consolidation, as traders hold their positions to recoup on the expected rise.

 

Based on the technical analysis, the ascending exponential moving average and RSI divergence are in the growth area, so the Bitcoin value is expected to break the $28,899 threshold. The Bitcoin/Dollar exchange rate will then pass the resistance zone and the price will fluctuate between $29,989 and $33,000. 

 

The value of the cryptocurrency Ripple at the end of March has already crossed the resistance level at $0.45, investors are trying to raise the charts to the new boundaries so that the price is close to $0.55. There is bearish sentiment in the market, so the Ripple could rise as high as $0.85.

 

After the failure of FTX, cryptocurrency exchange Binance is trying to hold onto its users' assets. Investors withdrew about $365 million from the cryptocurrency in January 2023 alone, a pace that even Changpeng Zhao's positive statements about stabilization cannot overshadow. Nansen (which collects data on cryptocurrencies) said that Binance had lost about 5 percent of its assets at the time by the end of 2022. 

 

Changpen's statements about withdrawal limits only made things worse, after which Binance has already lost 16% of its assets. The last couple of months, withdrawals have only worsened. Further down the slope, what Binance is left with is 71% of BNB cryptocurrency, 49% of tokens and 60% of stalebitcoins.

 

A U.S. federal court is already contemplating overturning the deal to sell Voyager Digital to Binance, for about $1 billion. Voyager Digital is awaiting a Justice Department ruling against bankruptcy. Binance's acquisition of Voyager was approved by a judge on March 9, 2023, with the possibility of issuing tokens to affected Voyager customers, but already U.S. regulators are putting sticks in the wheels and trying to stop the deal. The Department of Justice said the merger would lead to fraud, tax evasion and other consequences, but the claim was denied by a judge.

29.03.2023
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