Bitcoin, Crypto Prices Subdued Following Silvergate ‘Wind Down’ Announcement

Cryptocurrency prices continued to trade in a relatively tight range, with volumes down following the collapse of crypto-friendly bank Silvergate.

Bitcoin was trading around $21,650 by 11 a.m. EST, down about 2%, according to TradingView data. Ether followed suit, dropping 1.7% to $1,540.

Altcoins could not beat the drop as sentiment in the market worsened following the latest major failure. Market maker GSR noted the collapse of Silvergate weakened the crypto ecosystem's banking support. Binance's BNB slipped 1.1%, Ripple's XRP was down 1%, and Polygon's MATIC shed 2.5%.

Bitcoin

Original Link

Comments

All Comments

Recommended for you

Cointime April 23th News Express

1. EigenLayer: Deposit limits for all LST tokens will be removed on April 16
Arthur Hayes ·

Heatwave

The Bitcoin block reward is forecast to halve on April 20th. This is seen as a bullish catalyst for crypto markets. I agree that it will pump prices in the medium term; however, the price action directly before and after could be negative. The narrative of the halving being positive for crypto prices is well entrenched. When most market participants agree on a certain outcome, the opposite usually occurs. That is why I believe Bitcoin and crypto prices in general will slump around the halving.
Cointime April 5th News Express

1.Mystiko.Network Community Sale Completed, Total $11.25 Million in XZK Sold2.Solana Co-founder Responds to the Sharp Increase in Transaction Failure Rates: Patch Coming Soon3.Ethena USDe market value exceeds 2 billion US dollars, setting a new record4.Du Jun, Executive Director and CEO of Xinhuo & Founder of ABCDE: Xinhuo Technology and ABCDE will invest 100 million US dollars to support blockchain companies that promote social development 5.QCP Capital: Bitcoin is expected to return to $70,000 this week, while Ethereum continues to be weak6.bitSmiley Labs officially launches its independent ecosystem plan, bitUniverse, and reveals its OG pass bitDisc-Black Upgraded Priviledges 7.Avalanche Foundation launches ice-breaking plan, focusing on LST track in the first phase and funding 500,000 AVAX 8.SuperRare Expands into Bitcoin Ordinals with Killer Acid's Psychedelic Art Collection 9.A dormant whale address for 8 months deposited 1,100 BTC into Binance10.Meme exchange DerpDEX.com completes multi-million dollar strategic investment, with participation from ABO Digital and others
cointelegraph ·

Binance ends support for Bitcoin Ordinals

Binance NFT marketplace will cease supporting trades and deposits of Bitcoin Ordinals on April 18.
Cointime精选 ·

The Fall of Anti-Bitcoin

As I’ve said many times before. Everyone and every nation will eventually capitulate to Bitcoin. The latest nation to capitulate is Great Britain, whose army of anti-Bitcoin propagandists has just received orders from The Motherland that Bitcoin is to be fully embraced.
Glassnode ·

Bitcoin Breaks to New Highs

Bitcoin has broken to its fourth cycle all-time-high, rallying above $72k, and pushing sentiment one step closer to Euphoria. The classic wealth transfer from the HODLer cohort to speculators is now well underway, with significant upticks in spot profit taking, and demand for futures leverage.
ZKSpace ·

Unveiling ZKSwap(Bitcoin) V0.1 Testnet: A Deep Dive into Its Revolutionary Features

In the ever-evolving landscape of blockchain and cryptocurrency, ZKBase has taken a significant leap forward with the introduction of ZKSwap(Bitcoin) V0.1 Testnet on March 11, 2024.
Cointime精选 ·

Bullish BTC: Riding the Call Ladder Wave

Trade Strategy: Call Ladder View: Moderately Bullish View on BTC
Cointime精选 ·

The institutionalization of Bitcoin

Every week we bring you the three most important charts on the topics of macroeconomics, Bitcoin and digital assets. Today we'll cover: The institutionalization of Bitcoin.How Bitcoin is beating gold: a shift in global store of value.Is Ethereum underpriced relative to Bitcoin?
Cointime精选 ·

Crypto Derivatives: Analytics Report – Week 10

Futures-implied yields for BTC and ETH rose strongly during the rally to all-time high BTC prices, indicating a return to the strong demand for leveraged long exposure that we saw build-up ahead of the ETF announcement in late January. This is echoed by the extremely high funding rates for each coin. In a repeat of their reaction to last week’s spot rally, the term structures for both majors have inverted significantly, with the implied volatility at the front end reaching ~75%. Similarly, the volatility smiles are skewed strongly towards OTM calls, with a slight out-performance for BTC upside exposure over ETH.