Crypto Shorts #23 – The Evolution of Bitcoin, Binance, and

Crypto Shorts #23 - The Evolution of Bitcoin, Binance and

Banking at crypto exchange continues to struggle as this week saw a bitcoin death cross, typically a bearish short-term outlook, with crypto exchange Binance increasing market share for four straight months and Silvergate collapsing. Such developments have already occurred.


Analysts fear a Bitcoin death cross could be catastrophic.

Crypto Shorts #23 - The Evolution of Bitcoin, Binance and

Concerns about the bankruptcy of cryptocurrency bank Silvergate have shaken cryptocurrency trust. A Bitcoin death cross has recently been seen, which usually indicates a short-term bearish outlook. Crossroads of death; It is a form in which the short-term moving average cuts below the long-term moving average from top to bottom. Some analysts; point out that the death intercept may be an unreliable signal. The ominous signal from bitcoin has investors worried that it could cause problems for the largest cryptocurrency by market capitalization. BTC price fell below the $20,000 level on March 10. It fell below that level about two months later, due to Silvergate’s bankruptcy and U.S. President Joe Biden’s 2024 budget announcement.Binance

Cryptocurrency exchange Binance continues to dominate the stock market.

Crypto Shorts #23 - The Evolution of Bitcoin, Binance and

Binance has increased its cryptocurrency exchange market share for four consecutive months. Coinbase, its closest competitor in terms of trading volume, lags far behind Binance. From January to February this year, Binance’s spot trading market share increased from 59.4% to 61.8%, the fourth consecutive year of growth. Witnessing a 13.7% increase in spot trading volume over the same period, Binance reached an all-time high of $504 billion in the aforementioned metric. In terms of spot trading, Binance’s closest competitor is U.S.-based cryptocurrency exchange Coinbase, currently worth $39.9 billion. For now, this doesn’t appear to pose much of a threat to Binance.

The Silvergate debacle continues banking problems at cryptocurrency exchange

Crypto Shorts #23 - The Evolution of Bitcoin, Binance and could be adversely affected by the failure of a cryptocurrency bank. The exchange has lost the ability to offer dollar-based banking services in the European Economic Area. Cryptocurrency-focused U.S. bank Silvergate has failed to overcome the crisis it faces following the collapse of cryptocurrency exchange FTX. The bank’s collapse could further impact the exchange’s ability to receive fiat inflows due to its partnership with The Singapore-based exchange has lost the ability to offer dollar-denominated banking services in the European Economic Area. Now only deposits are accepted in EUR. Silvergate’s bankruptcy eliminates another method of accessing cryptocurrency banking services. The continuation of this trend could cause the company to face liquidity issues.

Source of information: Compiled from KOINBOX by 0x Information.Copyright belongs to the author Banu Fırıncılar, without permission, may not be reproduced

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