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Bitcoin, Ethereum prices find temporary support after Silvergate slide

@bbitar
1 min read
06.03.2023
BTC
BTCD
ETH
Crypto Market
CRYPTO

The prices of Bitcoin and Ethereum have steadied following a drop on Friday, which was fueled by concerns surrounding Silvergate, a bank with ties to cryptocurrency. In response to a 40% reduction in its workforce, the company decided to discontinue its Exchange Network, citing a risk-based approach.



Platforms suspended payments and withdrawals through the Silvergate payment network in response to concerns over its viability. As a result, major cryptocurrencies experienced a sharp decline before finding support at crucial technical levels.


The negative outlook and increasing expectations of higher interest rates had a detrimental effect on digital assets, causing BTC to fall below its 20-day moving average and creating resistance at around $23,600. The decline continued into the weekend, but a recovery from the psychological level of $22,000 helped minimize losses.


The dominant digital asset in terms of market capitalization reverted to a limited range of support and resistance, while Ethereum experienced a decline below $1,600 before finding stability at $1,579.


Ethereum experienced a decline below $1,600 before finding stability at $1,579
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Ethereum ETH

$ 3683.25
16.11%
in last 7d

Bitcoin BTC

$ 118315.31
-0.5558%
in last 7d

Grayscale BTC ETF mini BTC

N/A
0%
in last 7d
BTC
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Crypto Market
CRYPTO

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