Crypto assets had another steady week, with the Nasdaq Crypto IndexTM (NCITM) rising 1.5% and Bitcoin (BTC) and Ether (ETC) up by 1.3% and 1.8%, respectively. The NCITM has now enjoyed three consecutive months of growth, with a 16.6% increase in March and a total rise of over 60% YTD. The week began on a positive note for financial markets, with the acquisition of Silicon Valley Bank's assets by First Citizens Bank. However, the crypto market had a rough start due to the US Commodity Futures Trading Commission's (CFTC) lawsuit against Binance. 

 

 

Nasdaq Crypto Index has one of its best quarters on record

The Nasdaq Crypto Index^TM (NCITM) ended the first quarter of 2023 up 63%. Despite facing significant obstacles throughout March, crypto assets performed well in the face of a banking crisis and negative industry news, which could suggest the investment case for the industry is gaining more traction. 

 

First Citizens shares surge after Silicon Valley Bank (SVB) deal

Shares of First Citizens Bank surged after it announced the acquisition of SVB’s assets. Markets reacted positively over this news as it helped to stabilize the outlook for SVB, one of the first banks to go down in the recent crisis.

Withdrawals are coming! Ethereum’s next upgrade will activate next week
The Shapella network upgrade, which combines changes to Ethereum’s execution layer (Shanghai) and changes to its consensus layer (Capella) is set to activate on April 12, 2023. This will allow users to withdraw staked ETH from the network. This upgrade is highly anticipated by the crypto community and could potentially impact ETH’s performance in the coming weeks.

 

Crypto-related stocks drop on CFTC Binance suit

The market responded with caution to the CFTC’s lawsuit against Binance, one of the world's largest cryptocurrency exchanges. The suit could potentially have broader implications for the crypto industry.

 

What to watch this week: Crypto investors will continue to track any new events involving crypto regulation. On the macro front, investors will be paying attention to US jobless claims on Thursday and the employment report on Friday.

 

 

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