{"id":45369,"date":"2023-03-03T07:42:41","date_gmt":"2023-03-03T07:42:41","guid":{"rendered":"http:\/\/egrowonline.com\/?p=45369"},"modified":"2023-03-03T07:42:41","modified_gmt":"2023-03-03T07:42:41","slug":"bitcoin-price-slides-5-in-60-minutes-amid-silvergate-uncertainty","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=45369","title":{"rendered":"Bitcoin price slides 5% in 60 minutes amid Silvergate uncertainty"},"content":{"rendered":"


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The price of Bitcoin (BTC<\/a>) fell more than 5% from $23,500 to $22,240 in just over 60 minutes on March 3, amid a wave of uncertainty concerning crypto-friendly bank Silvergate Capital.\u00a0<\/p>\n

The price drop wiped $22 billion from Bitcoin\u2019s total market capitalization, which is now at $430.9 billion, according to Cointelegraph Markets Pro. <\/p>\n

Ether (ETH<\/a>),\u00a0XRP (XRP<\/a>), Cardano (ADA<\/a>), MATIC (MATIC<\/a>) and other non-Bitcoin cryptocurrencies also suffered a similar sharp decline.<\/p>\n

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Bitcoin just dropped $1200 in less than 30 minutes.<\/p>\n

\u2014 The Wolf Of All Streets (@scottmelker) March 3, 2023<\/a><\/p><\/blockquote>\n

Markus Thielen, the head of research at digital asset platform Matrixport, told Cointelegraph that he believes the price fall is linked to the recent Silvergate Bank controversy<\/a> with its delayed annual 10-K financial report filing, in addition to an increased effort by United States regulators attempting to restrict ties between banks and crypto firms:<\/p>\n

\u201cThe drop is due to the continuous fallout from Silvergate Bank, as there is now more uncertainty about fiat on-and-off ramp. In addition, there are now wider industry concerns that U.S. regulators are trying to cut off further banking relationships between crypto firms and FDIC-insured banks.\u201d<\/p><\/blockquote>\n

\u201cNevertheless, this is playing into the hands of Hong Kong and China, which are becoming more crypto-friendly.\u201d<\/p>\n

\u201cWe have seen an increase in stablecoin activity as a sign that crypto firms are using crypto rails to move money around,\u201d he added.<\/p>\n

Several technical analysts on Twitter claimed to have predicted the fall from the $23,000 resistance. <\/p>\n

\"\"
Bitcoin price chart. Source: Cointelegraph Markets Pro.<\/em><\/figcaption><\/figure>\n

The last time BTC was priced at $22,250 was Feb. 15.<\/p>\n

The sharp fall comes despite a solid start to 2023, with BTC still up 34.8% for the year. It was changing hands at $16,550 on Jan. 1.<\/p>\n

Ether has also fallen 4.74% from $1,644 to $1,566, causing a $9 billion wipeout from its market cap over the first hour.<\/p>\n

Ether price chart. Source: Cointelegraph Markets Pro.<\/em><\/figcaption><\/figure>\n<\/div>\n


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The price of Bitcoin (BTC) fell more than 5% from $23,500 to $22,240 in just over 60 minutes on March 3, amid a wave of uncertainty concerning crypto-friendly bank Silvergate Capital.\u00a0 The price drop wiped $22 billion from Bitcoin\u2019s total market capitalization, which is now at $430.9 billion, according to Cointelegraph Markets Pro. Ether (ETH),\u00a0XRP […]<\/p>\n","protected":false},"author":1,"featured_media":45370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[50,299,195,8211,2670,2804],"class_list":["post-45369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-minutes","tag-price","tag-silvergate","tag-slides","tag-uncertainty"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/03\/65a36a4d-7ccb-4cd3-955a-b3d1aec6a1d7.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/45369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45369"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/45369\/revisions"}],"predecessor-version":[{"id":45371,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/45369\/revisions\/45371"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/45370"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45369"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}