Bitcoin plunges after the turbulence at Silvergate Bank towards $ 22,000

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Von: Krypto News Österreich

The price of Bitcoin got a blow and currently fell by about 4 % that day. The cryptocurrency dipped towards $ 22,000 a few hours ago and is currently being traded at around $ 22.3,000.

This happens while the turbulence at Silvergate Bank continues to develop and more companies publish their explanations on this topic.

  • The price of Bitcoin saw a malignant red candle on the hourly chart, which lost about 5 % of its value within a few minutes.

btcusd_2023-03_09-39-54 Tradingview

  • The crash comes on the back of news that the Silvergate Bank. The financial institution reported yesterday that it had operational problems.
  • industry participants reacted quickly, and shortly afterwards Coinbase made an explanation that they will no longer accept or arrange payments from or after Silvergate.
  • other crypto heavyweights did the same.
  • In the meantime, the sudden crash has caused many to ask themselves whether this is the real reason for the decline.
  • In any case, the move has also led to an increase in liquidations. According to Coinglass, both long and short positions worth over $ 240 million have been deleted from the derivative market in the last 24 hours.

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