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## Crypto Daily Digest: Global Markets Respond to Interest Rate Speculation and Crypto Banking Woes

Good morning and TGIF, traders! Heads up, major catalysts coming next week: Fed Chair Powell's speech on Tuesday while NFP jobs data on Friday. Anyway, let's seize this day relentlessly and make the most of it! 🚀

On Thursday, US stocks closed higher after Raphael Bostic, the Federal Reserve Bank of Atlanta President, hinted that the central bank may pause rate hikes in the summer. However, other central-bank officials have maintained their hawkish stance, leaving investors to speculate on the extent to which interest rates may rise in the US and Europe. The swaps markets predict that the Fed policy rate will peak at 5.5% in September. 

Meanwhile, Euro-area inflation rose less than expected, while underlying price pressures reached a new high, putting pressure on the European Central Bank to raise rates further.

In Asia, shares are anticipated to rise due to the dovish comments by a US policymaker. The S&P 500 experienced its largest increase in over two weeks following Raphael Bostic's suggestion of a potential rate-hike pause this summer. However, the 30-year Treasury yields increased, breaking through 4%. The dollar strengthened against other currencies in the Group-of-10, though its gains were moderated following Bostic's comments.

In commodity markets, traders are weighing the possibility of rate hikes in the US against the hope of economic recovery in China.

In the crypto sector, shares of Silvergate Capital, a crypto-friendly bank, have fallen by over 50% due to concerns about the bank's financial position, which could affect its ability to continue operating. Despite this, the price of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> has remained steady at around $23,000. Meanwhile, Ether, the second-largest cryptocurrency, has experienced a slight decline of 1%. In anticipation of the upcoming Federal Open Market Committee meeting, some traders are predicting a 50-basis point rate hike.

Although concerns have arisen about Silvergate, some technical analysts believe that <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>'s upward trend will remain unless the recent low of $22,800 is broken. The bank is currently re-evaluating its business and has warned that it may not be "well-capitalized." As a result, several key industry partners, including Coinbase, Circle, Paxos, and Gemini, have ended their relationships with the bank. Additionally, market-making and over-the-counter trading firms GSR, Wintermute, and Blockchain.com have terminated their use of the Silvergate Exchange Network.

Currently, Signature Bank and Deltec remain as Silvergate's banking partners, but the crypto industry is now seeking alternative options. There are concerns that the fallout from this crisis could lead to a decade-long setback, with transactions being settled slowly via wire transfers.

 

## Topic of the Day: CSPR Token Soars as Casper Labs Partners with SkyBridge and Google Cloud

Casper Lab's native token, CSPR, has been on an uptrend for six consecutive days and gained nearly 17%. In the past 24 hours, the token rose nearly 8%, making it the top gainer on Coingecko. This rise is partly attributed to the project being reported multiple times in the past week.

SkyBridge Capital and the Al Maskari family's holding company are providing strategic support to Casper Labs, with SkyBridge also acquiring warrants to become a shareholder. Casper Labs offers an enterprise software decentralization model that works with a company's existing tech stack and has a layer 1 blockchain that offers upgradeable smart contracts.

Scalio, a digital product agency, has launched a rebranded custom web platform for Casper Labs, featuring a modern design highlighting their products and services, including information on their cutting-edge technology, services, and solutions.

Casper Labs has also announced an expanded collaboration with Google Cloud, which includes migrating a portion of their infrastructure and enterprise applications to Google Cloud and providing access to Google Cloud technology for Casper Association grant recipients to build and scale blockchain projects on the Casper Protocol.

These collaborations and partnerships allow developers to build innovative blockchain-based products and services, driving meaningful business outcomes with blockchain technology. Casper Labs' recent report shows that businesses plan to adopt blockchain technology at higher-than-ever rates this year.

## Casper (CSPR) $0.04371 (-0.81%) - Neutral Outlook

 **Overview:**

- ***Closest daily support zone: 0.04270 - 0.04171***
- ***Closest daily resistance zone: 0.04494 - 0.04578***
- ***Key Level: 0.05010 (Monthly Low of Jul. 2021)***


![](https://gimg2.gateimg.com/image/article/1677810618Untitled0303.png)

The positive outlook of CSPR investors is evident in the six consecutive bullish candlesticks, each one stronger than the previous. Yesterday's increase of 8% helped CSPR surpass a descending trendline, confirming the likelihood of the uptrend continuing, perhaps after a retracement. To maintain the strength of the following uptrend, CSPR ideally shouldn't experience a pullback below the support zone consisting of the weekly level of 0.04120 and the 61.8% daily Fib level of 0.03983. This zone coincides with a volume spike on the volume profile indicator. Conversely, if CSPR drops below this zone [0.04120-0.03983], the next support zone will be composed of the weekly level of 0.03830 and the 200EMA [0.03769]. Overall, the current price action and momentum favor the bulls, although the bears may take advantage of the macro trend to bring down CSPR. In any case, traders should wait for better entries and avoid chasing a narrative play.


 **Daily Resistance zones**

1. 0.04494 - 0.04578
2. 0.04816 - 0.05010
3. 0.05148 - 0.05670


 **Daily Support zones**

1. 0.04270 - 0.04171
2. 0.04120 - 0.03983
3. 0.03830 - 0.03750



<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>

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US and Euro markets react to interest rate speculation while Asian markets are expected to rise_ Silvergate Capital_s stock falls as crypto-friendly bank faces financial concerns.

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Daily News | Fed Rate Hike Speculation & Crypto Banking Woes Impact Global Markets; CSPR Surges 17% with New Partnerships