Bitcoin fell below $22,000

Bitcoin fell below ,000

On the night of March 3, quotes of the first cryptocurrency at the moment fell below $22,000. Over the past day, the asset has fallen in price by 4.5%, according to CoinGecko.

Bitcoin is currently trading near $22,400.

The second largest cryptocurrency by capitalization sank by 4.7%. The price fell from above $1640 to the current $1564.

Following the flagships, crypto assets from the top 10 moved into the “red zone”. At the time of writing, Dogecoin shows the worst dynamics (-6.4% per day). The total market capitalization is slightly over $1 trillion.

Over the past 24 hours, positions worth $245 million have been liquidated in the futures market, according to Coinglass.

On February 14, the price of the first cryptocurrency briefly corrected amid the publication of inflation data in the United States, which exceeded the expectations of market participants. However, two days later, the quotes tested the $25,000 level.

Matrixport Research and Strategy Director Markus Thielen, in a comment to Cointelegraph, admitted that the price of bitcoin was affected by the decision of Silvergate Capital Corporation to postpone the filing of a report with the US Securities and Exchange Commission and the increased attention of regulators to the industry.

“However, this plays into the hands of Hong Kong and China, which are becoming more friendly to cryptocurrencies,” the expert added.

In conversation with CoinDesk ContentFi’s Nick Ruck confirmed Silvergate’s market impact:

“Institutions are a little nervous as Silvergate appears to be in trouble.”

Earlier, Moody’s downgraded the rating of the financial institution from “Ba3” to “B2”. Experts justified the decision by a significant decrease in capital after a loss of $1.05 billion in October-December 2022.

In early March, FTX Group’s crypto derivatives platform LedgerX notified customers that it was ending its partnership with Silvergate and requiring fiat transfers to be made through Signature Bank.

In February Fed, FDIC And OCC released a joint statement reminding U.S. lenders of the potential risks posed by companies focused on providing crypto services.

Source: Cryptocurrency