• Bitcoin has surged impressively in the past seven days, with a 30% increase and reaching a trading price of $26,600.
• Investors are diversifying their portfolios and looking to cryptocurrencies as a means of reducing risk due to liquidity concerns arising from recent banking collapses.
• Bitcoin’s total value locked has increased significantly, surging to $142.31 million, which is the highest value locked since May 5th 2022.
Bitcoin’s Strong Weekly Surge
Bitcoin has seen an impressive 30% surge in its trading price over the past week, bringing it back to levels seen in June 2022. This growth along with gains made by other cryptocurrencies have led to the total cryptocurrency market cap surpassing the $1.1 trillion mark.
Liquidity Concerns Lead To Diversification
Due to liquidity concerns caused by recent banking crashes, investors are diversifying their portfolios and seeking risk reduction through investing in cryptocurrencies such as Bitcoin.
Total Value Locked On Bitcoin Increases
Data indicates that Bitcoin’s total value locked has increased significantly, surging to $142.31 million – the highest value locked since May 5th 2022. This surge shows that investors have trust in this cryptocurrency and are optimistic about its growth potential.
On-Chain Metrics Point To Bull Market
Glassnode’s “Recovering From A Bitcoin Bear” dashboard monitors eight key indicators which suggest positive signs for Bitcoin’s recovery and transition from a bear market into a period of recovery or new bull run.
The growing confidence in investors along with strong on-chain metrics indicate a positive outlook for the crypto market; especially considering how well it performed amidst market chaos and traditional financial instability
• Silicon Valley Bank is facing huge liquidity issues, which could have a significant impact on the crypto industry.
• The bank announced a $1.75 billion stock offering and a $500 million common stock purchase by private equity firm General Atlantic to shore up its balance sheet.
• VCs like Mechanism Capital, Eden Block, Pantera Capital have advised their portfolio companies to withdraw funds from the troubled bank.
Silicon Valley Bank’s Troubles
Silicon Valley Bank is a behemoth in the U.S. startup space with about $200 billion in assets under management (AUM). Recently, the bank has been facing huge liquidity issues due to historically fast interest rate hikes in the U.S., exposing underlying liquidity issues. In response to this shock, Silicon Valley Bank recently announced a $1.75 billion stock offering this week and a $500 million common stock purchase by private equity firm General Atlantic to shore up its balance sheet; however, its shares went down 60% on Thursday and are down another 62% on Friday’s premarket session according to data from Yahoo! Finance and some users report not being able to log into their accounts.
Risk To Crypto Industry
The potential collapse of Silicon Valley Bank poses a significant risk to the crypto industry, especially crypto-friendly venture capital (VC) firms such as Sequoia and Andreessen Horowitz (a16z). With less than ideal options for banking services for startups and VCs looking for financing of their projects, financial instability at Silicon Valley Bank could spell trouble for these entities in terms of finding alternative sources for their funding needs.
Advice From Crypto VCs
In response to Silicon Valley Banks troubles some crypto VCs have already sounded the alarm bell about it advising their portfolio companies to withdraw funds from them as soon as possible before things get worse .This include Mechanism Capital ,Eden Block ,Pantera Capital ,etc who have all issued advisories warning against keeping money at Silicon Valley Banks till further notice .
Impact On Crypto Projects
The potential demise of Silicon Valley Bank would mean serious trouble for crypto projects as well as US startups landscape . For example , if investors pull out their money from banks like SVB then it can become difficult for new projects or startups that require financing from banks or venture capitalists .
Silicon Valley Banks troubles can potentially create long term problems for both traditional banking systems as well as cryptocurrency sector given its huge role in providing banking services especially related to venture capital investments . Therefore it’s important that everybody who had invested money in SVB should take appropriate measures regarding safety of those funds immediately .
• Shiba Inu’s Web3 project, SHIB: The Metaverse, will be featured at SXSW Texas starting on March 12th, 2023.
• The event will include a panel discussion and various presentations regarding the rapidly evolving technology landscape.
• Shiba Inu is also inviting crypto enthusiasts to join them for a free giveaway in the Departure Lounge at Fairmont Austin.
SHIB: The Metaverse To Be Featured At SXSW Texas
Shiba Inu’s Web3 project, SHIB: The Metaverse, will be displayed for the first time in Texas at the annual SXSW Experience in Austin on March 12th, 2023. Following news of this announcement, SHIB dropped 5% while BONE went through market correction.
Panel Discussion and Presentations
The official SHIB Token team is preparing to take crypto and Web3 enthusiasts on their first virtual tour around the highly-anticipated SHIB: The Metaverse. This experience will kick off with a panel discussion including Marcie Jastrow (official SHIB: The Metaverse advisor) and two members of the audiovisual studio – Connor Murphy and Chris Edwards. Additionally, there will be various presentations meant to explore the rapidly evolving technology landscape.
Revelation of Shibarium HUBS
The highlight of this event will be Shiba Inu’s WAGMI (We’re All Gonna Make It) Temple revelation – an artwork concept that was presented last year along with Tech Trench, Canyon Hub, Rocket Pond, and Growth Dunes – all part of the ten different HUBs within Shibarium for various metaverse activities such as embracing scenery or collaborating with community members on compatible projects.
Shiba Inu’s Texan Happy Hour
As one of the XR Experience Spotlights at SXSW Experience , Shiba Inu has planned a ‘Happy Hour’ on March 11th where they are offering a free giveaway to crypto enthusiasts in attendance at Fairmont Austin.
After news spread about Shiba Inu’s appearance at SXSW Texas ,SHIB saw it’s value drop by 5%, while BONE saw market correction as well – suggesting that investors are expecting big things from this project during its debut showcase later this month!