Crypto News: We bring you a roundup of what’s happening in crypto this week. And we go on with one of the most outrageous forecasts we’ve seen in recent years. Balaji Srinsawan, former technical lead at Coinbase, believes that Bitcoin (BTC) will be worth $1 million in 90 days.
banking on a collapse
He is so confident that he bet Social Democrat James Medlock $2 million in USDC that the US banking system will collapse, hence his forecast. While the prospect of $1 million bitcoin would be cause for joy, Ali Martinez, global news editor at BeInCrypto, struck a cautious note. “This simplified calculation does not account for factors such as market liquidity, order book depth, depreciation in the value of the US dollar, and other market dynamics,” he added.
The bitcoin market cap in valuation would be $18.7 trillion. Which is 5 trillion dollars more than gold. Which is probably not possible in 90 days.
Crypto News – Socially Speaking
crisis? What crisis?
The effects of the banking crisis continue. The Federal Reserve printed $300 billion to bail out the banks – or about half the amount it lent during the 2008 financial crisis.
According to Fortune, the Fed allocated $143 billion to holding companies for failed banks like Signature Bank and Silicon Valley Bank. The holding companies will use the money to make depositors whole. It provided $148 billion in loans through a program called the “Discount Window”. Finally, the Fed inaugurated the Bank Term Funding Program (BTFP) and lent $11.9 billion. This program helps the bank raise funds to meet the needs of all depositors.
Money printer go brrr, anyone?
NFTs on sale this week
India in March
A report claims that India could account for more than 50% of global cryptocurrency users this year.
“With 156 million people using digital coins in 2023, India will have three times more crypto users than the United States, Japan, the United Kingdom and Russia combined,” said the team at BitcoinCasinos.com.
The COVID-19 pandemic was a major turning point for the sector. The country’s cryptocurrency market gained traction during the pandemic, mostly due to poor financial infrastructure. The number of crypto users is set to increase by 760% to 134 million between 2017 and 2022.
crypto coin news
The Mask Network (MASK) took the trophy of the biggest winner this week with a 45% increase. This was followed by a 17% increase in both XDC Network (XDC) and Ripple XRP.
The biggest losers were Kava (KAVA), down 16%, Immutable (IMX), which fell 15%, and Huobi Token (HT), down 14%.
Is Big Brother Really Watching You?
Florida Governor Ron DeSantis raised eyebrows earlier in the week with his proposal to ban central bank digital currencies (CBDCs), citing privacy concerns. In fact, this is an understatement. He called them “Big Brother’s digital dollars”.
CBDCs are similar to stablecoins in that they are pegged to the price of a sovereign currency such as the US dollar. But because they are issued by nation states or a central bank, rather than being minted by private companies. “What [a] Central bank digital currency is about monitoring Americans and controlling Americans,” he said. “You’re opening a huge can of worms, and you’re handing over a massive amount of power to a central bank, and they’re going to do that.” Will use the power.”
Quant (QNT) price on the verge of something big?
This week, senior analyst Waldrin Tahiri turned to Quant (QNT) on his chart, which is showing strong signs that a breakout is likely.
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