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    Home»Crypto»Silvergate concern causes a 5% drop in the price of bitcoin in 60 minutes.
    Crypto

    Silvergate concern causes a 5% drop in the price of bitcoin in 60 minutes.

    In the early hours of March 3, BTC's price fell sharply by 5% in 60 minutes, erasing $22 billion from Bitcoin's market capitalization.
    NxtvertexBy NxtvertexMarch 3, 2023Updated:March 3, 2023No Comments2 Mins Read
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    In just over 60 minutes, the price of Bitcoin (BTC) dropped more than 5% from $23,500 to $22,240 due to a wave of unease around the crypto-friendly bank Silvergate Capital.

    According to Cointelegraph Markets Pro, the price decline has erased $22 billion from Bitcoin’s overall market capitalisation, which is now $430.9 billion.

    Several non-Bitcoin cryptocurrency, including Eth (ETH), XRP (XRP), Cardano (ADA), Polygon (MATIC), and others, have also experienced a precipitous decrease.

    Bitcoin just dropped $1200 in less than 30 minutes.

    — The Wolf Of All Streets (@scottmelker) March 3, 2023

    According to Markus Thielen, the head of research at digital asset exchange Matrixport, the price decline is likely due to the recent controversy surrounding Silvergate Bank’s delayed 10-K financial report filing as well as an increased effort by US regulators to limit relationships between banks and cryptocurrency firms:

    The decline is a result of Silvergate Bank’s ongoing fallout, which has increased confusion around the fiat on-and-off ramp. Also, there are now broader industry worries that US regulators are attempting to sever additional banking connections between cryptocurrency firms and FDIC-insured banks.

    But, China and Hong Kong, which are becoming more crypto-friendly, are benefiting from this.

    We have observed a surge in stablecoin activity as evidence that cryptocurrency companies are utilising crypto rails to transfer funds, he continued.

    On Twitter, a number of technical analysts claimed to have foreseen the decline from the $23,000 resistance.

    Bitcoin last traded at $22,250 on February 15.

    The sudden decline occurs despite a rise in prices until 2023, with BTC still up 34.8% since its Jan. 1 price of $16,550.

    Ether’s (ETH) market cap dropped by $9 billion in the first hour as a result of its 4.74% decline from $1644 to $1566.

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