The crypto market is taking a walloping, and there are three important reasons why BTC’s $380 billion valuation is a key support for the entire market.
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The crypto market is taking a walloping, and there are three important reasons why BTC’s $380 billion valuation is a key support for the entire market.
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BTC price targets extend to $18,000 with Bitcoin bulls increasingly failing to preserve $20,000 as support amid further SVB Financial fallout.
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Concerns have been raised around the financial health of the tech-focused bank, which services the likes of crypto-friendly VCs such as Sequoia and a16z.
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The company claimed that the bank’s voluntary liquidation is its best path forward due to recent industry and regulatory developments.
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Officials from the government agency reportedly entered Silvergate’s headquarters last week, with discussions revolving around how to salvage the crypto bank.
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BTC’s $1,420 decline in the span of 1-hour negatively impacted demand for stablecoins in Asia and it shifted futures traders into a more defensive attitude.
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The spokeswoman said that she won’t be commenting specifically on Silvergate, but the White House will be actively monitoring the situation.
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Strong U.S. equities and a floundering dollar normally serve to boost BTC price action — but Silvergate is the elephant in the room.
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The total crypto market cap slipped below $1.025 trillion as concerns over Silvergate Bank’s solvency triggered a sharp sell-off in BTC, ETH and altcoins.
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