March 10, 2023: On Thursday, Crypto prices dropped after Silvergate, a bank at the centre of the industry’s growth, decided to shut down.
Bitcoin dipped 2% to $21,570.04, Coin Metrics stated. Ether yielded nearly 2% and was previously trading at $1,527.58.
The slight move lower started late on Wednesday, a few hours after Silvergate Capital said it would wind down works and liquidate its crypto-friendly bank.
The relatively small move shows that cryptocurrency investors priced the news in the previous week when the company warned it might not be able to continue operating. It closed the SEN, or Silvergate Exchange Network, Conor Ryder stated the research analyst at Kaiko.
Bitcoin and ether have held up relatively better despite a challenging macroeconomic environment, still the significant driver of crypto price action despite a refusing correlation amid crypto and stocks and a series of setbacks for the space, which include the recent Silvergate improvements and the post-FTX regulatory crackdown on the industry that started in February.
Bitcoin’s correlation with stocks is much lesser than it was for much of 2022, and its volatility has been closer to historic lows for the previous few weeks.
Thursday’s move pushed bitcoin below the critical technical level of $22,200. While a few investors have accepted bitcoin’s recent sideways action in light of a series of adverse industry developments, chart analysts have been searching for the cryptocurrency to close over $25,000 to give even more meaning to its year-to-date profits, now approximately 30%.
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