Bitcoin (BTC) And Ethereum (ETH) Fall 4% Amid Silvergate Fallout
03 Março 2023 - 12:30PM
NEWSBTC
Crypto assets such as Bitcoin and Ethereum have always been known
to be impacted by the news, and the latest news today that resulted
in a plummet in the market is the Silvergate fallout. This news has
caused a sharp decline in two of the largest crypto assets in the
market. According to a report from Bloomberg, crypto
platforms are now cutting ties with the U.S.-based crypto-friendly
bank following its disclosure of its review of whether it can
remain viable. So far, Coinbase and Digital Asset Capital
Management are the latest on the list to end their partnership with
Silvergate. Bitcoin (BTC) And Ethereum (ETH) Sharp Decline
Following the negative news concerning the crypto-focused bank
Silvergate, Bitcoin and Ethereum have both seen a sharp fall in
price by 4.5% and 4.7% respectively over the past 24 hours. Both
assets have seen notable differences in the highs and lows in the
past 24 hours. Related Reading: Bitcoin Births Another Set Of
Millionaires As BTC Nears $24,000 At the time of writing, BTC’s
price made a 24-hour low of $21,921 and a high of $23,541. In
contrast, ETH’s price has also made some notable movement with 24
hour low of $1,550 and a high of $1,653. Notably, Bitcoin has since
been indicating an upcoming bearish trend following its enormous
40% spike in January and its slowed-down rally in February.
Compared to January when BTC surged from the $16,000 zone seen late
last year to as high as $23,799 as of January 29, the largest
crypto by market cap only picked up from there to $25,000 in
February having a little rally last month compared to the 40% seen
the month before. Currently, the BTC chart still indicates a
continuous downward trend as the asset price is looking to dip
below our previously marked-out support of just under $22,000. On
the other hand, ETH price action is not far from being
distinct. Over the past week, Ethereum has been signaling a
bearish trend after falling gradually by nearly 5% in the past 7
days despite the upcoming Shanghai launch. The asset has suffered a
decline in not only price but also in market cap. Over the past 15
days, more than $18 billion has been removed from ETH’s market cap
after falling from a market cap high of $206 billion seen on
February 16 to $188 billion as of March 3. Regardless, the asset
still ranks steadily as the second largest crypto by market cap
after Bitcoin. Alongside BTC and ETH’s fall, the global
cryptocurrency market capitalization has also suffered a 5% fall in
valuation over the past 24 hours. Though the crypto market was able
to maintain composure amid the regulator crackdown, the Silvergate
saga appears to have a higher impact on the market. Related
Reading: Ethereum Price Won’t Go Down Quietly: Key Supports To
Watch Silvergate Relation With The Crypto Industry Silvergate is a
U.S. bank that has served the crypto market in general. The bank
allowed the rapid transfer of funds between accounts and crypto
exchanges such as Coinbase and Crypto.com, as well as
over-the-counter trading desks with its Silvergate network.
Following the crash of the FTX exchange last year, the bank
suffered a run on deposits given its connection with the exchange
being a key client. After delaying its annual 10-K report with the
Securities and Exchange Commission (SEC). This week, the bank
revealed that it is reviewing whether it can still continue to
operate. This update has caused ripples within its list of
partnerships, as well as a decline in its stock price. On Thursday,
Coinbase announced that it has ended its relationship with the
bank. Shortly after that, other crypto platforms and firms
such as Gemini, Crypto.com, and crypto hedge fund Digital Asset
Capital Management disclosed they’re cutting off ties with the
U.S.-based crypto-friendly bank. Richard Galvin, co-founder at
Digital Asset Capital Management already said the company is
looking to move away from Silvergate and look into Swiss banks,
according to Bloomberg. So far, Silvergate stock with the ticker SL
has plummeted more than 10% from a high of $14 on Wednesday to
$5.72 at the time of writing. Featured image from Unsplash, Chart
from TradingView.
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