CRYPTO MARKET 📋 WEEKLY SUMMARY

➖ The closure of Silvergate Bank. The parent company of Silvergate Capital announced plans to wind down operations and liquidate the structure.

➖ Stablecoin USDC lost its peg to the U.S. dollar and was as high as $0.92 after its Circle announced it was holding $3.3 billion in reserves at bankrupt Silicon Valley Bank.

➖ Stablecoin DAI and FRAX lost their peg to the U.S. dollar following the USDC.

➖ Galaxy Digital Research forecast: After the launch of the Ordinals protocol, the BTC blockchain-based NFT market will grow to $4.5 billion by 2025.

➖ Ethereum Foundation reported that the Shapella network update will be activated on the Goerli network on March 14.

➖ BofA thinks things are just getting started for the DeFi market: there will be big changes in the next 30 years.