2023 Rally Reverses as Bad News Continue to Surface This Week

Published Mar 10, 2023
By Qredo Team

Qredo’s daily briefing gives you the visibility you need of the ever changing world of crypto to help you make the best decisions and reach your financial goals.

The price of BTC has plunged by over 9% drop over the past 24 hours, trading under $20k for the first time since mid-January. Investors were feeling uneasy about the domino effect caused by inflationary pressure, fallout from the liquidation of Silvergate Bank and a lawsuit filed by New York state claiming that ETH and other cryptocurrencies are securities — all in one week.

Meanwhile, these factors have also spelled trouble for Silicon Valley Bank. On Thursday, the bank, which also considered itself a financial partner to startups, sold off a $21 billion bond portfolio at a significant loss to improve liquidity. This has caused shockwaves in financial markets. The bank's problems are said to be due to the Federal Reserve's aggressive interest rate hikes, which have led to a drop in bond prices and an increase in yields.

According to reports, Meta is now developing a new app focused on text-based content that will incorporate ActivityPub, a decentralized social networking protocol that supports Mastodon and other Twitter competitors that are DApps. TechCrunch has reported that the app, codenamed P92, will be incorporated with Instagram and permit users to sign in using their existing Instagram credentials.

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