Cryptocurrencies Price Prediction: Cardano & Bitcoin – European Wrap 21 March

Coinbase argues core staking services are not securities in its letter to SEC

US-based crypto exchange Coinbase sought clarification regarding the crypto staking services via its letter to the US Securities and Exchange Commission (SEC). The letter dated March 20, 2023, addresses key pain points that many service providers in the crypto industry are facing.

Coinbase asked the SEC to provide rules and guidelines to staking and other complex aspects of the cryptocurrency industry in its recent letter. The exchange noted that. Staking services are not a monolith. A number of different models exist and while some might be categorized as offering an investment contract, core staking services that we describe in this letter are not."

Can Cardano hit $100 as cynics criticize Bitcoin's $1 million bet?

In the light of the US banking crisis and rising inflation in the largest economy in the world, crypto proponents are bullish on decentralized cryptocurrencies gaining relevance. Cardano proponents argue that the Ethereum-killer altcoin is ready for a bull run to its $100 target while cynics continue to criticize former Coinbase CTO Balaji Srinivasan’s $1 million Bitcoin bet. 

The US Federal Reserve’s battle against rising inflation and the collapse of two of the United State’s largest banks, Silicon Valley Bank (SVB) and Silvergate, sent shock waves through market participants. 

If Fed’s money printer goes brrr… will Bitcoin price hit $1 million?

Bitcoin has taken front and center stage after it restarted its 2023 rally in March. This resurgence of buying pressure pushed BTC to nine-month highs. While this move may sound interesting, the most important development is the reason behind this rally, which has got the likes of Balaji Srinivasan, ex-Coinbase CTO, Arthur Hayes, BitMEX co-founder and other well-known personalities talking about the pioneer crypto.

Bitcoin price has spent much of the last eight months consolidating inside a tight range. This massive rangebound movement ended as BTC pushed through the $25,000 hurdle in mid-March. The reason for this sudden spike in bullish momentum or buying pressure can be attributed to the Banking Crisis.