Cryptocurrency market review

Cryptocurrency market review

Friday was hot, and the weekend is reacting to the news of the past few days.

Let’s start with the labor market report. It was strong and implies a 0.5% rate hike in March. But! Then Biden spoke and said that next week we should all be pleased with the inflation report, the data for which has not yet been formed, but it is known that this report often has a strange character and is then revised (in plain language, it is drawn up in the interests of the administration). So the market believed Biden’s statement, not the labor market report. And showed growth. Some alts rose very strongly: INJ, MATIC.

But closer to the night it became clear that the collapse of Silicon Valley Bank would hit the crypto hard. It was possible to notice how insiders were dumping crypto in the early hours of the night according to Moscow time. And then Coinbase announced the cessation of conversion of USDC to USD. And everything collapsed rapidly.

Based on how ETH and BTC are holding up and the rise in dominance, it can be said that the crypto community is not used to stablecoins but to BTC and ETH.


The collapse of Silicon Valley Bank is, for a moment, the 18th largest US bank by capitalization.

Depegging (detachment from the dollar) of stablecoins: USDC, USDD, DAI, BUSD (to a lesser extent), USDP, FEI, FRAX.

A huge flow of funds flooded into USDT (which also has many questions), but let’s hope that with such demand as it is now, its problems will not be revealed.

Basic scenario

Trade in short. On Monday, news will be played out on the US market. So if there is a rebound now, it is unlikely to be strong.

The views expressed in this article are solely those of the author and should not be construed as official statements or representing the views of the company. The author is solely responsible for any errors or omissions in the information provided. The information contained in this article is provided for informational purposes only and is not intended to be investment or professional advice.