Earlier, representatives of Silvergate reported that the bank may close. After that, the American exchange Coinbase announced the termination of work with Silvergate. Against this background, the bitcoin rate collapsed from $23,443 to $22,259 in a few minutes, and the ether fell to $1,566. Although reports of the Silvergate crisis appeared just a few hours before the market fell.
The volume of liquidations in the market exceeded $250 million. Of course, BTC and ETH traders who used cryptocurrency margin purchases lost the most — $76 million and $40 million, respectively.
As noted by a popular cryptocurrency trader and analyst under the pseudonym Credible Crypto, the bitcoin rate has reached support at $22,243, so if the bulls allow it to break through this level, then we should expect the market to continue to decline. However, as long as the rate remains above $21,370, it is set to rise in bitcoin.
Earlier, Galaxy Digital Holdings CEO Michael Novogratz predicted that by the end of March, bitcoin would cost $30,000.
Source: Bits
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