Category: NEWS
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Bitcoin price prediction: BTC outlook after Silvergate and Tether news
- Bitcoin price outlook after this week’s Silvergate and Tether news.
- BTC is hovering around $22,400 with key resistance near $23k amid a potential technical breakout to YTD highs.
- The $20k zone is a critical and psychological level for bulls.
Bitcoin price remains constrained below $22,500 after posting a sharp decline on Friday following a combination of broader market weakness and negative crypto-related news.
However, with price above $22,000, the technical outlook suggests bulls might still have a chance to push for new year-to-date highs in March or April.
Bitcoin price prediction: BTC declined amid Silvergate Bank and Tether news
On Wednesday, crypto-friendly bank Silvergate (SI) revealed it was a little deeper in trouble with a SEC filing that it would delay its financial report. The crypto bank then announced a halt to its payments network the Silvergate Exchange Network (SEN), triggering further uncertainty around its operations following the previously revealed $1 billion loss.
Indeed, selling pressure for BTC increased as major crypto firms including Coinbase and Paxos announced a switch from Silvergate to alternative banking partners.
But the price of bitcoin went on to touch lows of $22,000 as more negative news emerged – the Wall Street Journal published an article related to Tether, the company that issues the world’s largest stablecoin USDT. Allegedly, Tether and Bitfinex used “falsified documents” to acquire banks accounts amid questions over the stablecoin’s reserves.
Crypto trader and investor Scott Melker heighted the WSJ’s report in a Twitter thread on Friday.
The allegations in the report could have significant implications for Tether and the wider crypto market. If Tether’s dollar reserves are not what they have been claimed to be, it could lead to a collapse in the value of the cryptocurrency.
— The Wolf Of All Streets (@scottmelker) March 3, 2023
Bitcoin price outlook: What next for BTC/USD?
The RSI on the 4-hour chart remains largely flattened near the lower band as price action consists mainly of doji prints. While Bitcoin is holding above a support base formed in early January, there’s indecision as signaled by the doji candlesticks.
Bitcoin price movement on the 4-hour chart. Source: TradingView
If bears take charge further, BTC/USD will likely retest the aforementioned support line and potentially break past $22k to another key level near $21,600. Below that we could see a retest of the vastly important $20k level.
On the upside, the immediate hurdle is the $22.5k zone, with robust supply areas expected at the price levels currently signaled by the 50 and 200 moving averages.
The outlook on the daily chart shows the RSI sloping to suggest bears might have an upper hand.
However, there’s potential formation of an inverse head & shoulders pattern. The neckline of this likely inverse H&S pattern could be in the $25k zone. In any case, the immediate key price levels to watch as signaled by the 50-day and 200-day moving averages near $22,900 on the upside and $19,712 on the downside.
Bitcoin price prediction levels on daily chart.Source: TradingViewThe post Bitcoin price prediction: BTC outlook after Silvergate and Tether news appeared first on CoinJournal.
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Tether and City of Lugano launch Plan Business Hub celebrating Plan’s anniversary
- The Plan Initiative was launched on March 03, 2022.
- The main objective of the Plan was to scale Lugano’s blockchain capabilities.
- Tether and the City of Lugano have launched the Plan Business Hub to celebrate the first anniversary of the Plan.
It is now a year since the Plan Initiative was launched in the city of Lugano. So far The Plan has brought crypto to over 150 shops and businesses within the city. As a result, Tether Operations Limited (Tether), the company behind USDT stablecoin, has joined the city to celebrate this achievement.
When The Plan was launched, the city of Lugano announced that Bitcoin (BTC), Tether (USDT), and the city’s own LVGA token would be accepted as payment for taxes, parking tickets, tuition fees, and public services. So far, over 150 businesses and shops including Mcdonald’s have also started accepting USDT, BTC, and LVGA in addition to fiat currency as payment for goods and services.
To celebrate the culmination of a successful year for The Plan Inititiative, Tether and the City of Lugano on March 3, 2023, announced the launch of the Plan Business Hub.
The Plan Business Hub
The Plan Business Hub will help explore the potential adoption of blockchain technology in businesses and the long-term use of cryptocurrencies in the European region.
The Hub will house more than 300 blockchain experts and enthusiasts and serve as a global point of reference in Lugano. It will also host a recreational space for meetups and workshops fostering education and development. It is designed to attract talent, and encourage networking and knowledge sharing.
The Mayor of Lugano, Michele Foletti, commenting on the development said:
“The goal of this collaboration is to make Lugano a center of excellence for blockchain technologies. In the first 12 months we have seen growing interest and Lugano is now definitely on the world map, alongside a handful of other destinations. The strength of Lugano’s Plan ₿ is that it has been able to demonstrate real-world use of blockchain technologies by applying it practically to local communities in Lugano. Businesses of all sizes and scale have begun to leverage blockchain platforms to improve their processes and we are watching before our very eyes as Lugano becomes a model for the global adoption of cryptocurrency.”
Since The Plan was launched, Lugano has hosted numerous networking, outreach, and educational events that have attracted people from around the world to learn and discuss the opportunities presented by blockchain technology and cryptocurrency adoption. For instance 86 students from 26 countries visited the city over the past year for the first-ever Plan summer school, an intensive 2-week program by Tether taught by world-class experts on the business, regulatory, and technological implications of blockchain and Bitcoin.
There is a 500-student grant set aside for future Plan summer school program students. Tether and the City of Lugano are also working together to provide additional grants to university students in the coming months.
For the 2023 calendar, there is the 2023 Plan forum in Lugano that is scheduled to take place between October 20 and October 21. Tether will also continue its Plan summer school program with two sessions for 2023 in the spring and summer.
