Bitcoin, Ethereum prices find temporary support after Silvergate slide
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.
![](https://production-sanbase-images.s3.amazonaws.com/uploads/237211d50fd4081efa344d8266889ff10df8343d481dbdbd6479d6ee96ced958_1678118855360_Ethereum%20%28ETH%29%20%5B20.07.27%2C%2006%20Mar%2C%202023%5D.png)
Thanks for reading!
If you enjoyed this insight please leave a like, join discussion in the comments and share it with your friends!
Never miss a post from bbitar!
Get 'early bird' alerts for new insights from this author
Conversations (0)