Bitcoin

Both bitcoin and ether prices are relatively unchanged to start the week, with bitcoin now trading at $22,463, an increase of 0.6% on the day, and ether trading at $1,569, an increase of 0.1%.According to some, the current state of the market is comparable to that of a precipice. In spite of the fact that we are no longer in the depths of crypto winter, the market needs to decide how much it will continue to price in Silvergate&#39;s crypto failure while simultaneously taking into consideration favorable economic news from China.It does not appear that the Silvergate scandal is causing widespread infection. And it&#39;s possible that most of the price decline connected with that news has already occurred,&#34; Matt Weller, the global head of research at Forex.com, said in an interview with CoinDesk TV on Friday. &#34;It wouldn&#39;t surprise me to see bitcoin retrace back down to $20,000, or maybe even $18,000, to sort of retest those lows,&#34; the analyst said. &#34;That wouldn&#39;t be surprising.&#34; But...it would appear that the worst of the winter is behind us at this point.At the same time, economic data from a re-opened China, which promptly abolished all Covid restrictions at the beginning of the year, may provide support to the &#34;China narrative,&#34; which was the driving force for the small price surge at the end of February. The upcoming week is going to be a busy one in terms of economic data releases from the country. The Balance of Trade, foreign currency reserves, and inflation-rate statistics are all things that are anticipated to be released.March Zheng, the co-founder and managing partner of Bizantine Capital, stated in a note to CoinDesk that &#34;China&#39;s opening is a positive factor for the world&#39;s economy, which infers that certain Animal spirits are back in Asia.&#34; Zheng&#39;s statement was made in response to the fact that &#34;China&#39;s opening is a positive factor for the world&#39;s economy.&#34;According to Zheng, the so-called animal spirits might result in an upsurge in interest for assets such as cryptocurrency. He stated that &#34;We are of the view that it will counteract the ongoing, persistent anxieties in the U.S. equities markets as well as increasing rates.&#34; &#34;We are of the view that it will counterbalance the continued, persistent fears in the U.S.

First Mover Asia: Bitcoin Is Stuck Between Silvergate and China

ItsBitcoinWorld

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