Bitcoin’s price lost around 7% on the weekly as troubles with Silvergate Bank intensify.
This week was a complete rollercoaster in terms of price action as the majority of cryptocurrencies found themselves stuck in a chopping range before the ultimate leg down.
Bitcoin was trading at around $23,300 this time last week, and a couple of days later, it attempted the first push toward $24K. it was unsuccessful, and at around the end of the week, BTC found itself below $23K. However, this dip was immediately bought up, and the price tapped $24K on Wednesday.
The bulls weren’t convincing enough, which allowed the sellers to take control and send the price backward. It wasn’t until today, though, when the market shifted completely following a vicious hourly candle that saw the price crash by over $1K in a matter of minutes. At the time of this writing, BTC is trading at around $23,300.
The situation with the majority of altcoins is somewhat similar, with most of them charting considerable declines.
This selling pressure came amid intensifying issues with the popular crypto-centered financial institution Silvergate Bank. The firm revealed yesterday that it won’t be able to file its financial reports due this month and that it’s experiencing operational issues.
Not long after that, many companies took it to publicly sever their relationships with the bank. These include Coinbase, Bitstamp, Crypto.com, and others. But it wasn’t all doom and gloom.
Earlier during the week, the creator of the popular NFT collection – the Bored Ape Yacht Club – Yuga Labs, announced that they will be launching a new collection, this time with the Ordinals protocol on Bitcoin. It will consist of 300 NFTs, and no further information has been provided yet.
Meanwhile, the much anticipated ETH Shanghai hard fork is also set to take place on the Goerli test net this month.
That said, it’s very interesting to see if the fallout of Silvergate Bank will have some contagion effects on the market or if the worst has already passed.
Market Cap: $1078B | 24H Vol: $71B | BTC Dominance: 40.1%
BTC: $22,420(-7%) | ETH: $1,573 (-5%) | BNB: $289 (-2.6%)
This Week’s Crypto Headlines You Can’t Miss
Yuga Labs Launches Ordinal Inscription NFT Collection Twelvefold. Yuga Labs – the team behind the very popular Bored Ape Yacht Club NFT collection – will be launching a new series called Twelvefold. This time, the collection will run on Bitcoin using the growingly popular Ordinals protocol.
CZ Reassures Binance Still Supports Voyager Deal Amid Questionable Headlines. The CEO of Binance – Changpeng Zhao – reassured in a recent response to CryptoPotato that his firm still supports the deal to acquire Voyager and would proceed with it if the US authorities allow it to do so.
Bullish or Bearish? A Closer Look at Bitcoin’s Historical Performance in March. The month of March has produced, on average, an increase of around 10% for Bitcoin. However, the median increase is negative, and the performance of BTC during March, historically, has been quite shaky.
Silvergate Reveals Operational Issues, Shares Plunge Over 30%. The popular crypto-centered financial institution Silvergate Bank has revealed that it has serious operational issues. Many companies, including Coinbase, seized their relationships with the bank. As a result, its stock price has crashed.
Binance’s Custody Arm Looking to Score Singapore License. Ceffu, the custody arm of Binance, is looking to score a license in Singapore. The company appears to be attempting to re-enter the city-state and offer some of its services.
Fundamental Reasons to Be Bullish Despite the 66% Drop From Bitcoin’s ATH: Researcher. The market has turned badly throughout the past seven days, with Bitcoin’s price declining somewhat substantially. However, there are plenty of reasons to be positive, according to research.