Bitcoin Plunges Towards $22K Following Silvergate Bank Turmoil
Bitcoin’s price has taken a beating and is currently down some 4% on the day. The cryptocurrency took a dive toward $22K a few hours ago and is currently trading at around $22.3K.
This happens as the turmoil at Silvergate Bank continues unfolding, and more companies release their statements on the matter.
- Bitcoin’s price saw a vicious red candle on the hourly chart, which had it lose around 5% of its value in a few minutes.
- The crash comes on the back of news that Silvergate Bank. The financial institution reported yesterday that it has operational issues.
- Industry participants were quick to react, and shortly after that, Coinbase issued a statement that they will no longer be accepting or initiating payments to or from Silvergate.
- Other crypto heavyweights did the same.
- Meanwhile, the sudden crash has left many wondering if that’s the actual reason for the decline.
- In any case, the move has also caused an uptick in liquidations. Over $240 million worth of both long and short positions were wiped from the derivatives market during the past 24 hours, according to Coinglass.
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