The cryptocurrency market digest (BTC, ETH, USDC). Overview for 17.03.2023


BTC is doing well. The flagship cryptocurrency rose to USD 25,858 by Friday. The weekly gain is estimated at 29.6%. The market is clearly aiming to consolidate above USD 26,200. If this succeeds, the road to 35,000-40,000 USD will be clear.

The cryptocurrency market capitalisation stands at USD 1.113 trillion. The figure is increasing, which is a favourable signal. BTC's share soared to 44.9% as investors shifted funds from stablecoins to the major coins. ETH's share is 18.8% and is declining moderately.

Shanghai update to Ethereum set for April

Investors can look forward to the launch of the Shanghai update on the Ethereum network in April this year. It had been planned for March, but the developers pushed back the implementation date. The event is highly anticipated by the market: there are currently USD 29 billion worth of blocked coins in the stack. When the update is released, investors will be able to withdraw the original deposit and income.

European Parliament agrees on digital wallets

The European Parliament has overwhelmingly approved a bill on a digital identity system. The privacy of EU citizens will be preserved: the technology will verify location during identification without reconciliation or disclosure of other data.

USDC lost USD 3 billion in 3 days

Cryptocurrency investors withdrew about USD 3 billion from the relatively stable USDC coin in a few days this week. This came immediately after the SVB bank collapse was reported. The USDC's peg to the US dollar broke when it was revealed that the bank held USD 3.3 billion in coin reserves.


Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.