Crypto Outlook

-BTC: $22,091.68

-ETH: $1,580.18

-XRP: $0.3609

-LTC: $75.48

The global crypto market cap is $1.03T, a 0.27% decrease over the last day. The total crypto market volume over the previous 24 hours is $30.84B, which makes a 43.34% decrease.

BTC: BTC price increased by 7.52% and decreased by 1.41% over 24 hours and in the past seven days. The asset reached a low and high of $20,475.60 and $22,728.52, respectively.

Crypto spectators have argued that the downfall of Silicon Valley Bank is favorable for bitcoin (BTC). They have compared this event with the 2013 Cyprus crisis, which highlighted the drawbacks of the fractional reserve system and emphasized the importance of decentralized and censorship-resistant BTC as a protection against centralized banking.

Researcher Nik Bhatia and market analyst Joe Consorti, in the latest edition of The Bitcoin Layer newsletter, said:

“Silicon Valley Bank, the 18th largest bank in the nation, collapsed yesterday—with it, we learn how last year’s record selloff in U.S. Treasuries has created billions of dollars worth of unrealized losses within the banking sector and gain yet another example that in a system of fractional reserve banking, there are no depositors, only lenders,” Researcher Nik Bhatia and market analyst Joe Consorti said in the latest edition of The Bitcoin Layer newsletter.

ETH: ETH price increased by 7.37% and 0.38% over 24 hours and in the past seven days. The asset reached a low and high of $1,461.61 and $1,629.37, respectively.

Following the collapse of crypto exchange FTX in November, Binance launched the “Industry Recovery Initiative” – a program aimed at supporting struggling crypto projects affected by the liquidity crisis caused by FTX’s downfall.

The initiative, which initially contained $1 billion worth of Binance USD Coin (BUSD), has the flexibility to convert the funds to Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) at any time. Binance CEO Changpeng Zhao announced on Twitter that the funds will now be converted to these cryptocurrencies.

CZ via a Tweet:

Given the changes in stablecoins and banks, #Binance will convert the remaining $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC, #BNB, and ETH. Some fund movements will occur on-chain. Transparency.

XRP: XRP price increased by 0.37% and 0.77% over 24 hours and in the past seven days. The asset reached a low and high of $0.3525 and $0.3778, respectively.

According to a report by CoinShares, investors are optimistic about Ripple’s potential victory in its lawsuit case against the SEC. This is because XRP investment products have recorded consistent inflows for three consecutive weeks.

Meanwhile, Ripple has made significant progress in its European expansion efforts, with developments in partnerships with Lemonway in Paris and Xbaht in Sweden. This move enables businesses in France and Sweden to use Ripple’s On-Demand Liquidity (ODL) platform.

On 15 November, Ripple announced a partnership with MFS Africa, a leading fintech firm that has a significant mobile money footprint across 35 countries in Africa. The collaboration aims to simplify mobile payments for users in these countries.

LTC: LTC price increased by 9.68% over 24 hours and decreased by 14.43% in the past seven days. The asset reached a low and high of $68.22 and $79.53, respectively.

Despite the ongoing market turbulence, Litecoin has achieved another milestone. The network’s latest update confirms that it has upheld its transaction consistency on BitPay.

Over the last six months, the Litecoin network recorded the second-highest number of transactions, second only to the Bitcoin network. In February, it maintained this consistency by controlling 23.71% of all the transactions on BitPay. Analysis shows that Litecoin outperformed Ethereum and other top altcoins in this regard.

Litecoin via Tweet:

Litecoin transactions on the world’s largest cryptocurrency payment processor have grown to make $LTC by far one of the most consistently transacted crypto this month and every month. #Litecoin & @BitPay making it easier to #PaywithLitecoin

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