Former CTO of Coinbase says Bitcoin will reach $1 million; Bitcoin (BTC) reach $28,000 again after 280 days; DeFi transactions raise up after Silicon Valley Bank crisis.
Former CTO of Coinbase says Bitcoin will reach $1 million
Balaji Srinivasan, the former CTO of Coinbase, said that the leading cryptocurrency will reach $1 million by June 17th and has bet $1 million.
The betting began on March 17 when a Twitter user offered a $1 million bet that hyperinflation would not occur in the US. The Coinbase CTO accepted this bet.
Other Twitter users helped make smart contracts with wagering terms. Srinivasan announced that it will move another $1 million to USDC for another bet on the same terms.
I’m transferring $2 million to USDC to bet. I’m going to do this with Medlock and another person. That’s enough to explain the issue. Check out my next tweet. Everyone else go and buy Bitcoin.
Medlock and Srinivasan entered both based on differing views on the future of the country’s economy amid ongoing uncertainty over the country’s banking system.
Srinivasan argues that with the deflation of the US dollar, a looming crisis will lead to a hyperinflationary scenario that will push the Bitcoin price to $1 million. However, Medlock does not believe the country has impending hyperinflation.
Bitcoin (BTC) reach $28,000 again after 280 days
The world’s largest cryptocurrency Bitcoin (BTC) has once again crossed the $28,000 band, triggering a renewed sense of optimism among investors and the wider cryptocurrency market. The digital currency broke that milestone late Sunday after weeks of volatile market conditions and several key developments that boosted investor confidence.
The rise in Bitcoin’s price is attributed to several factors, including positive news surrounding institutional adoption, increased regulatory clarity, and a growing feeling that Bitcoin is becoming a more attractive store of value. On the other hand, let’s also mention that Bitcoin has crossed the $28,000 threshold for the first time since its previous peak in December 2021.
However, the bank crisis also had a great impact on the rise of Bitcoin. Adding to all these developments, UBS’s acceptance of the terms to purchase Credit Suisse for $2 billion, the rise in Bitcoin became unstoppable.
DeFi transactions raise up after Silicon Valley Bank crisis
According to data provided by DappRadar, the high-profile boom of Silicon Valley Bank (SVB) last week caused significant activity in decentralized finance (DeFi) transactions.
DappRadar’s report shows that DeFi is highly susceptible to market worries and crashes.
Last weekend, the USD Coin (USDC) stablecoin developed by Circle tumbled against the USD following news that $3.3 billion of its $40 billion reserve was locked in the SVB. USDC, the second-largest stablecoin, lost value by market cap, falling as low as $0.8788 on Monday. After that USDC dollar peg was fixed.
DappRadar has released a new report on events that have created a rollercoaster effect on the DeFi industry.
According to the report, after the collapse of the SVB on March 11 and the depegging of the USDC, the DeFi market experienced a significant drop in TVL, falling 9.6 percent from $79.28 billion to $71.61 billion. This news caused panic among investors, causing a significant sell-off in TVL to drop.
Fortunately, on March 13, it was announced that USDC reserve deposits held at Silicon Valley Bank were fully public, which helped stabilize the market. This announcement caused DeFi TVL to rise 13 percent to $81.15 billion.