Complete Gate Post tasks to upgrade your rank

Credit Ranking

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/16786702820313.jpg)

## Crypto Daily Digest: <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> stabilizes after SVB banking crisis, but shutdowns of crypto-friendly banks threaten digital-asset market

Good morning, traders! Hope you had a good weekend. Let’s seize this Monday relentlessly and make the most of it! 🚀

US regulators have announced a new $25 billion lending program to stabilize the financial sector following the failure of Silicon Valley Bank. The program is offered by the Federal Reserve and funded by the Treasury to offer loans to eligible banks and other depository institutions. As a result, US stock futures rose and the dollar weakened. Anxiety remains high ahead of this week's consumer price index report, but reassurances from regulators over SVB are having a positive impact. In response, oil, gold, and <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> have risen, while government bond yields have fallen in Australia and New Zealand. 

After the banking crisis at SVB, which affected crypto markets and caused <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> to slide to multi-month lows, the latest data shows that <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>'s price is stabilizing and a relief rally is underway. Although stablecoins were affected, contagion failed to spark significant selling. While funding rates across exchanges suggest that most are still betting on fresh <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">btc price</a> downside, the potential for a "short squeeze" is clear.

However, the shutdowns of two crypto-friendly banks, SVB and Silvergate Capital, have created problems for the digital-asset market. SVB's failure caused Circle Internet Financial's <a href="/price/usd-coin-usdc" target="_blank" class="blog_inner_link">USD Coin</a> to de-peg, while Silvergate's shuttering of its Silvergate Exchange Network (SEN) threatens to stifle growth by exposing legitimate crypto businesses to risks. Without SEN, costs of fiat conversions could increase, and smaller exchanges and over-the-counter desks may struggle to compete without access to the same liquidity and resources as before. Despite this, alternatives to SEN are emerging.

 

## Topic of the Day: Stablecoin Price Volatility Spikes Amid USDC Depegging, Prompting <a href="/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> to Take Precautionary Measures

Stablecoin Price volatility has been on the rise due to the recent depegging of <a href="/price/usd-coin-usdc" target="_blank" class="blog_inner_link">USD Coin</a> (USDC), and as a result, <a href="/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a>, a lending protocol, has taken action to prevent any negative effects on its platform. <a href="/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> has frozen stablecoin trading and set the loan-to-value (LTV) ratio to zero. This decision was based on an analysis by decentralized finance risk management company Gauntlet Network, which recommended temporarily pausing all v2 and v3 markets.

Moreover, the collapse of Silicon Valley Bank (SVB) on March 10 triggered a surge in trading volume on centralized crypto exchanges. This news has caused significant concern within the crypto community, and it is anticipated that more banks may face the same fate. Circle, the company behind USDC, disclosed that $3.3 billion of its $40 billion reserves were stuck at SVB. This revelation resulted in the <a href="/price/usd-coin-usdc" target="_blank" class="blog_inner_link">usdc price</a> falling below its $1 peg, and it also impacted other stablecoins. The situation has created a ripple effect in the crypto space, highlighting the need for more robust risk management and regulatory frameworks.

## <a href="/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> (<a href="/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a>) $72.76 (+0.17%) - Neutral Outlook

 **Overview:**

- ***Closest hourly support zone: 72.45 - 71.33***
- ***Closest hourly resistance zone: 73.97 - 76.36***
- ***Key Level: 76.36 (Monthly Close of Nov. 2020)***

<br>![](https://gimg2.gateimg.com/image/article/1678670358Untitled03131.png)
![](https://gimg2.gateimg.com/image/article/1678670393Untitled03132.png)

The BTC short squeeze had a widespread impact on the market, causing an increase in most altcoins, including <a href="/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a>. It is uncertain whether this sudden surge is sustainable without a pullback, so it would be helpful to analyze the 4-hour timeframe. On this timeframe, <a href="/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> exhibited a bullish divergence on its RSI between Mar. 10 and 11, coinciding with its price reaching the weekly level of 64.00. Two extremely bullish candles followed, negating the previous formation of a "lower-low" price action by closing above the daily bearish Fibonacci golden zone [72.45 - 70.82]. Looking ahead, <a href="/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> bulls will likely aim to invalidate the "hiccup" observed in the first half of March by targeting a previous daily bearish Fibonacci golden zone [78.94 - 79.93]. However, a pullback to the weekly level of 71.33 may occur before the surge continues. Conversely, if <a href="/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> closes within the weekly Fibonacci golden zone [70.99 - 66.36], traders may reposition themselves, resulting in some consolidation.


 **Hourly Resistance zones**

1. 73.97 - 76.36
2. 78.94 - 79.93
3. 80.65 - 82.44


<br>**Hourly Support zones**

1. 72.45 - 71.33
2. 70.85 - 68.92
3. 67.66 - 66.36



<div class="blog-details-info">
<div>Author:** Peter L.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

简体中文

English

US regulators launch $25bn lending program to stabilize financial sector after SVB’s failure. Bitcoin stabilizes and a relief rally begins. Crypto-friendly bank shutdowns create problems, and

福利中心

铭文导航-铭文Launchpad

铭文-铭文导航

铭文-web3startup

新币挖矿

小红花-Exchange-Startup

交易-创新交易

交易-盘前交易

打新

小红花-Learn & Explore-博客

小红花-Learn & Explore-快讯

币圈-币圈-未来事件

小红花-Learn & Explore-聊天室

小红花-Learn & Explore-直播

小红花-Learn & Explore-动态

年度账单

币圈

Gate OTC

芝麻金融-更多-财富管理

机构-APIs

机构-大宗交易服务

机构-经纪商项目

全球做市商计划

机构-托管和资产管理

机构-借贷服务

机构-做市商项目

小红花-Promotions-机构和VIP服务

量化基金

机构-基础架构

机构-交易

机构-金融

结构化产品

机构-主页

衍生品-统一账户

芝麻金融-更多-抵押借币

机构

策略跟单

现货跟单

合约跟单

跟单

量化策略-探索

量化策略-进阶

量化策略-基础

机器人广场

创建机器人

探索机器人

杠杆网格

无限网格

期现套利

组合指标策略

智能调仓

现货马丁格尔

合约网格

现货网格

交易机器人

芝麻金融-更多-ETH2.0挖矿

芝麻金融-更多-法币借贷

USDE挖矿

链上赚币

芝麻金融-理财-双币宝

芝麻金融-理财-定期理财(屯币)

芝麻金融-理财-结构性理财

芝麻金融-理财-理财宝

芝麻金融-理财-余币宝

GT挖矿

芝麻金融-更多

芝麻金融-理财

赚币

衍生品-实盘跟单

衍生品-期权

衍生品-交割合约

衍生品-永续合约

衍生品-合约中心

新手引导(合约)

合约活动

衍生品

交易-量化策略

交易-杠杆ETF

交易-杠杆交易

交易-闪兑

交易-现货交易

交易

行情

买币-gateCard

买币-法币交易

买币-银行账号

买币-快捷交易

买币-信用卡

买币-paywith

买币

小红花-推广

新手指南

活动中心

小红花-Learn & Explore-学院

任务广场

小红花-Exchange-最新公告

小红花-Exchange-帮助中心

小红花-Exchange-交易所

gate商店

小红花-Promotions-推荐官计划

小红花-Promotions-邀请计划

小红花-promotions-代理商

cextg小程序

小红花

web3

Daily News | US Regulators Launch $25bn Lending Program as Bitcoin Stabilizes Post-SVB Banking Crisis, Stablecoin Volatility Surges as USDC Depegs