Cryptocurrency Prices And News: On negative banking news, Bitcoin falls to an eight-week low

Post author By Kidist
Post date March 16, 2023

As the market continues to struggle with the Wednesday news that Silvergate Capital (SI) is closing down and liquidating its cryptocurrency-friendly subsidiary Silvergate Bank, cryptocurrency prices fell early on Friday. Bank stock prices dropped as SVB Financial (SIVB), the parent company of renowned tech lender Silicon Valley Bank, looked for a buyer after failing to address its cash crisis. We still don’t know the complete effect on cryptocurrency. New eight-week lows were reached for Bitcoin.

Cryptocurrency Price

In a choppy trading day on Friday afternoon, bitcoin was selling close to $19,960. BTC fell more than 8% over night, hitting a low of $19,580 for the first time in eight weeks before rising as high as $20,536 during the day. The price of Bitcoin increased to $25,000 on February 21 – surpassing its peak from August to trade at its highest level since June 13 – but has since dropped eight out of the last nine days. In the wake of the FTX collapse in early November, the biggest cryptocurrency in the world has increased by about 20% so far this year.

After dropping to $1,370 over night, Ethereum traded at around $1,415 on Friday afternoon, its lowest price since January 11. Since the Binance investigation statement on last Thursday, Ethereum has remained below $1,600 and hasn’t topped $1,700 since February 20.