Crypto Values Plunge as Silvergate’s Troubles Cause Market Jitters – Cryptocurrency Market Update


Cryptocurrency values have taken a tumble in Friday’s trading, as the crypto markets are on edge due to the situation involving Silvergate. Major exchanges such as Binance and Coinbase have temporarily halted transactions, due to potential problems with the bank’s solvency.


The price of bitcoin (BTC) has dropped to its lowest level in two weeks today, as the crypto markets remain jittery due to the uncertainty surrounding Silvergate.

The bank recently announced that it would be unable to file its annual SEC report, and alluded to potential issues with its ability to remain operational.

BTC/USD has hit an intraday low of $22,241.78 today, a far cry from its all-time high of $62,741.87 set in April. The crypto is currently trading at $22,726.81, down 1.7% in the last 24 hours.

Cryptocurrency prices have taken a severe hit in the last 24 hours, with Bitcoin (BTC) dropping below the $22,000 mark. The world’s largest digital currency has dropped to a low of $21,788.22, a significant dive from its peak of $23,540.16 just a day ago. The present market conditions represent the weakest that BTC has been since February 14th. The relative strength index (RSI) has also plummeted, with the index now reading 42.91 – its lowest reading since January 1st.

Ethereum (ETH) has also been affected by the market dip, falling below the $1,600 threshold. ETH/USD dropped from a high of $1,652.43 to a low of $1,553.85. This is the lowest ETH has been since February 15th. The 10-day (red) moving average’s convergence with the 25-day (blue) moving average earlier this week had signalled the current dip. The RSI has also decreased, falling below the 49.00 support level. Presently, price strength is at 44.51, just above the next support at 44.00.

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