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The Commodity Futures Trading Commission charged crypto exchange Binance with “willful evasion” of Federal law, in the latest episode of regulatory crack down on the industry, creating headwinds for BTC/USD
The US02Y has declined markedly over the last eight trading days from a high of 5.09% to current levels of 3.74%. This has proven to be a tailwind for bitcoin. The cryptocurrency is up over 25% over the last week.
Bitcoin jumped almost 9% yesterday and 7% on Sunday. This is in response to the confidence crisis across the US banking sector following the SVB failure. The cruptocurrency is also sensitive to front end of the yield curve repricing yields downwards.
Silvergate Bank will wind down its operation and liquidate. The liquidation includes the full repayment of deposits. Last week it said it would delay the filing of its annual report as it was assessing its ability to “continue as a going concern.”
The bitcoin daily chart has dropped into its neutral channel between its blue bands. The H4 chart is more granular. Here, the cryptocurrency has charted a lower peak followed by a lower trough. This is a defined downtrend.
ETH/USD faced headwinds after last week’s strong performance, but brushed-off Wednesday’s hawkish Fed minutes and finds renewed vigor today, ahead of key economic releases
The CEO of Tesla and Twitter has shared some doge-related tweets this week, helping DOGE/USD higher, amidst renewed regulatory scrutiny around the broader crypto industry
ETH/USD lost nearly 10% last week, on news that Kraken shut-down its staking business in a settlement with the SEC, but finds support at the start of the current one
The US Fed hiked by 25 bps and pointed to more tightening, but weak pushback against markets expectations for a pivot hurt the greenback and helped BTC/USD to higher highs
The top chart shows bitcoin’s weekly chart, the bottom chart is the US10-year real rate. Bitcoin is showing strength as real rates moderate.
BTC/USD consolidates today, but runs a solid week, showing resilience to news that Coinbase is laying-off around 20% of its workforce
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