Fachkraeftewoche

• The U.S. government and the Federal Deposit Insurance Corporation (FDIC) are auctioning off two failed American financial institutions, Silicon Valley Bank (SVB) and Signature Bank (SNBY).
• Bidders must not cater to cryptocurrency firms if they are to acquire SVB and SNBY, according to unnamed sources familiar with the matter.
• The New York State Department of Financial Services has denied that the recent bank shutdowns have anything to do with crypto, contradicting former U.S. House of Representatives member Barney Frank’s suspicions.

U.S Government Auctions Failed Banks

The U.S government and the Federal Deposit Insurance Corporation (FDIC) are auctioning off two failed American financial institutions, Silicon Valley Bank (SVB) and Signature Bank (SNBY), this week, with bids due by March 17.

Qualifications for Potential Buyers

Sources familiar with the matter said the qualifications to purchase the banks are stringent, and reportedly, the purchasers cannot deal with crypto businesses anymore.

Controversy Surrounds Alleged Crypto Restrictions

Unnamed sources disclosed that bidders must not cater to cryptocurrency firms if they are to acquire SVB and SNBY. This contradicts a statement from the New York State Department of Financial Services denying that recent bank shutdowns have anything to do with crypto — contrary to former U.S House of Representatives member Barney Frank’s suspicions about an „anti-crypto“ message being sent by shutting down these banks.

Auction Management & Details

The FDIC already attempted to auction off SVB last weekend, but no deals materialized, and is now using investment bank Piper Sandler Companies as its managing agent for both auctions of SVB & SNBY, hoping to sell them in their entirety or partially on specific branches & verticals — all depending on offers made by existing chartered banks only .

Conclusion

With bids due on Friday March 17th 2023 , it seems investors will have less than a week left in order for potential buyers who meet all requirements set forth by FDIC in order for them be able compete for bidding & acquiring these two institutions .

Bitcoin and Ethereum Price Movement

• Bitcoin moved below the $22,000 level on March 8, following U.S. Fed Chair Jerome Powell’s testimony that rates would be higher than anticipated.
• Ethereum also slipped on the news, briefly breaking out of a historic area of support at $1,550 earlier in the day.
• BTC/USD fell to a low of $21,964.99 earlier in today’s session, while ETH/USD marginally moved to a low of $1,543.13 during today’s session.

Powell Warns of Higher Rates

Yesterday U.S Federal Reserve Chair Jerome Powell warned that interest rates will be higher than initially anticipated when speaking in front of the Senate Banking Committee. This news caused both Bitcoin (BTC) and Ethereum (ETH) to slip in price as markets reacted to this news.

Bitcoin Falls Below $22k

BTC/USD dropped below the key support point at $22,300 which coincided with the relative strength index (RSI) falling from a floor of its own at 42.00 down to 40.36 with a lower floor at 38.00 being a possible target for bears if this point is reached then it is likely that BTC will be trading close to the $21,600 mark .

Ethereum Slips More Mutedly

Ethereum’s decline was more muted than its counterpart however there was still some movement; ETH/USD moved from peak levels around $1,568 down to lows around 1,543 after briefly breaking out from an area of historic support around 1,550 and currently is trading above this level at around 1,557 with RSI hovering above its own decked floor currently set at 43 points having been in place since February 13th .

Conclusion

The comments from U.S Federal Reserve Chair Jerome Powell yesterday have caused Bitcoin and Ethereum prices to move significantly lower today with further potential downside should key areas fail to hold as support however current signs suggest that bulls may attempt another push following this week’s dip in price

• Neal Stephenson, the creator of the term “metaverse”, believes that building experiences worth having in virtual worlds is difficult and therefore mainstream adoption of this tech may be far away.
• Stephenson also believes that blockchain and metaverse have a natural relationship, enabling interconnection between various worlds as part of a bigger world.
• He co-founded Lamina1 to lay a foundational layer for the creation of digital worlds that are compatible with what blockchains are capable of.

Neal Stephenson on Metaverse Adoption

Neal Stephenson, who coined the term „metaverse“ in his novel Snow Crash published in 1992, believes that building experiences that millions of people consider worth having in virtual worlds is quite difficult, hampering the adoption process of the tech. As part of an interview offered to the Financial Times, Stephenson stated: “There won’t be a metaverse that is used by millions of people until it contains experiences that millions of people find worth having, and making those experiences is quite difficult.“

Relationship Between Blockchain and Metaverse

Stephenson has established a clear relationship between the metaverse and gaming technology and explains that „the games industry is the economic engine and the technological engine that obviously is going to be the foundation of any future metaverse,“ citing Doom as one example. He also explained further how blockchain can interconnect virtual worlds: „I think that to build a metaverse, we’re going to have a situation where people are moving freely from one environment to another… all of this smacks of a decentralized kind of network of interactions and financial transactions that puts me in mind of blockchain.“

The Creation Of Lamina1

In order to create these digital worlds compatible with blockchains, Stephenson co-founded Lamina1 –a blockchain metaverse company– which he sees as laying down a foundational layer for them.

Blockchain Interconnecting Virtual Worlds

Stephenson believes blockchain will play an integral role in connecting different virtual worlds together into one bigger world. He explains how internal design can be done in a centralized way but movement between these digital realms can only be accomplished using blockchain-based tools.

Conclusion

In conclusion, although mainstream adoption may still be far away due to difficulty creating worthwhile experiences within these virtual spaces, Neal Stephenson has made clear his vision for how blockchains will be essential for interconnecting different virtual realms together into one larger world.

• FTX Debtors warn the community of phony ‚debt tokens‘ and scams claiming to be affiliated with the bankrupt exchange.
• A token called “FUD (FTX User’s Debt)” is circulating on the Tron blockchain and is listed on Huobi.
• The “Debtdao” has destroyed 18 million FUD tokens out of an initial supply of 20 million.

FTX Warns Community of Phony ‚Debt Tokens‘

FTX debtors who control the official FTX Twitter account have warned the community to „be on alert for scams from entities claiming to be affiliated with FTX.“ They noted that neither FTX debtors nor any entity related to the company has issued any IOU crypto assets or „debt tokens.“

Circulating Token Called ‘FUD (FTX User’s Debt)

A token called „FUD (FTX User’s Debt)“ has been circulating on the Tron blockchain and is listed on Huobi. As of Feb. 18, 2023, it was trading for prices between $15.05 and $16.88 per unit, according to coingecko.com. On Feb 6, 2023, Huobi announced that it had listed FUD, with an initial supply of 20 million tokens. Tron founder Justin Sun discussed the project in detail on Feb 4, 2023, noting that the „bond token represents the top-quality FTX debt asset and is set to benefit everyone in the crypto world.“

18 Million FUD Tokens Destroyed

The announcement also states that the “Debtdao” decided to destroy 18 million FUD tokens out of an initial supply of 20 million. According to Coingecko.com there are currently 2 million FUD tokens left in circulation; 1 999 966 are hosted on Huobi, with only four unique holders according to Tronscan explorer data.. Over 24 hours ago FUD saw a total trading volume of over $1million USDT across all exchanges where it was being traded as reported by CoinGecko .

Caution Advised To Avoid Scams

The alert from FTX debtors comes as a cautionary reminder for investors and traders alike not fall victim to any phishing attempts or scams relating those associated with FTX or its services . Investors should be sure to do their research before investing into any cryptocurrency or digital asset so as not get scammed by malicious actors posing as legitimate businesses or individuals .

Conclusion

In conclusion , investors have been warned against falling prey to fake ‚debt tokens‘ and other schemes claiming affiliation with bankrupt cryptocurrency exchange FTX . A token called „FUD (FTX User’s Debt)“ is circulating on Tron blockchain , however its legitimacy remains uncertain amid warnings from debtors . Furthermore , 18 million FUD out of an initial supply of 20 million have been destroyed according tot he Debtdao Twitter account . Caution must be always exercised when investing into digital assets so as not fall victim fraudulent activities .

• Shiba Inu (SHIB) and Litecoin (LTC) both rebounded from recent lows on Saturday.
• SHIB/USD rose to an intraday peak of $0.00001324, while LTC/USD moved to a high of $94.67 earlier in the day.
• The relative strength index (RSI) could be an obstacle for SHIB, while LTC is potentially heading for resistance at $95.00.

Biggest Movers: SHIB, LTC Rebound From Recent Losses

Saturday saw both Shiba Inu (SHIB) and Litecoin (LTC) rebound from recent losses, with prices starting the weekend relatively stronger than expected. Although overall sentiment remains bearish, the coins have seen some respite from their current bear market.

Shiba Inu(SHIB)

Shiba inu (SHIB) saw its price climb marginally higher to start the weekend, breaking out of a resistance level in the process. SHIB/USD rose to an intraday peak of $0.00001324 to start the weekend, less than 24 hours after bottoming out at $0.0000122. Today’s move saw the meme coin move beyond a price ceiling of $0.00001290, and away from a recent floor at $0.00001160.

However, today’s rebound has somewhat lost momentum as the relative strength index (RSI) of 14 days failed to move beyond the 55 mark; it is currently tracking at 52.55 which is marginally above a support at 51 levels should price strength continue toward this floor there is a strong possibility that SHIB could fall below $0.00001200 levels over time if not sustained by bulls soon enough .

Litecoin(LTC)

Litecoin also rebounded in today’s session with its price rising for a second straight session on Saturday as it moved away from recent lows following a drop to low point at around 91 dollars per unit . LTC/USD moved to an intraday high of 94 dollars earlier in the day , Saturday’s surge has seen litecoin move away from its recent point of support at 91 dollars 40 cents and now seemingly moving towards resistance zone near 95 dollar mark .

The chart shows that bulls rejected any moves below 50 on RSI which might lead prices up towards 58 points on RSI but one possible obstacle will be 10-day moving average which appears approaching crossover point with 25-day counterpart anytime soon .

Bitcoin Price Outlook

Bitcoin started off this week trading near 38 thousand dollar levels before plunging down below 36 thousand dollar mark during midweek due to profit taking activities however since Thursday bitcoin has witnessed recovery and today BTC is up 2 percent near 37 thousand 700 dollar level . Moving averages are confirming bullish sentiments as 10-day MA crosses over 25-day MA however 50-day MA still trading below 200-day MA hence more confirmation needed before we can see any major bullish trend reversal .

Conclusion

Despite some respite for both Shiba Inu and Litecoin thanks to Saturdays rebound , overall sentiment remains bearish until further confirmation otherwise thus investors must remain cautious when making investments decisions .

Bullet Points:
• Monero (XMR) rebounded from recent losses on Tuesday, as the token attempted to recapture recent highs.
• Polkadot (DOT) also moved higher in today’s session, snapping a two-day losing streak.
• Monero and Polkadot reached intraday peaks of $173.28 and $6.07 respectively.

On Tuesday, two major cryptocurrencies, Monero (XMR) and Polkadot (DOT), moved higher in the market, rebounding from recent losses. After the U.S. markets reopened following a public holiday on Monday, Monero attempted to recapture recent highs. Monero (XMR) moved back towards a recent seven-month high, with prices rising from a low of $165.77 to an intraday peak of $173.28. This rebound came from the token’s support at $165.00, and further moves will likely attempt to recapture last week’s peak of $187.20. However, for this to happen, the relative strength index (RSI) will need to move back towards the 80.00 mark.

Polkadot (DOT) also moved higher in today’s session, snapping a two-day losing streak. DOT/USD hit a high of $6.07 earlier in today’s session, which comes less than 24 hours after trading at a low of $5.66. As a result of Tuesday’s surge, DOT moved to a ceiling at $6.10, and closer to Saturday’s high of $6.51. The rebound also came as the 14-day RSI bounced from its own support point at 72.45, currently tracking at 74.88, with a ceiling at the 82.00 mark a possible target for buyers.

Overall, the cryptocurrency market experienced a surge in activity on Tuesday, as both Monero and Polkadot moved higher in the market. However, the tokens have yet to break through certain resistance points, and only time will tell if this surge can be sustained.

• Bitcoin (BTC) rose back above the $21,000 mark on Tuesday, as markets reacted to the latest GDP figures from China.
• Ethereum (ETH) climbed higher in today’s session, with prices briefly moving beyond the $1,600 level.
• Following a low of $1,529.57 to start the week, ETH/USD surged to an intraday peak of $1,603 in the early hours of this morning.

The cryptocurrency market was able to take some solace in better-than-expected Chinese GDP figures on Tuesday, as Bitcoin and Ethereum both enjoyed a steady rise in prices.

Bitcoin (BTC) was able to reclaim the $21,000 level on the back of the news, rising to a high of $21,360.87 earlier in the day. The 14-day relative strength index (RSI) continues to hover close to a ceiling of 90.00, and should BTC bulls intend to climb above $21,400, this ceiling on the RSI must first be broken.

Ethereum (ETH) also saw positive movement in the session, with prices briefly moving beyond the $1,600 level. Following a low of $1,529.57 to start the week, ETH/USD surged to an intraday peak of $1,603 in the early hours of this morning. Prices have since slipped, and as of writing, the world’s second largest cryptocurrency is trading at $1,569.75.

Overall, with prices significantly overbought, and with bullish momentum seemingly at its peak, many expect a reversal could be on its way. Currently, the market is in a period of consolidation, and it will be interesting to see how these prices move in the coming days. If the bulls are able to break through current resistance levels, we could see both Bitcoin and Ethereum reach new all-time highs. On the other hand, if the bears take control, we could see some significant selloffs in the near term.