• Bitcoin’s price has taken a hit and is currently trading at around $22.3K, following the turmoil unfolding at Silvergate Bank.
• Industry participants were quick to react, with several crypto heavyweights like Coinbase issuing statements that they will no longer be accepting or initiating payments to/from Silvergate Bank.
• The sudden crash has also caused an uptick in liquidations, with over $240 million worth of long and short positions being wiped from the derivatives market during the past 24 hours.
Bitcoin Plunges Towards $22K
Bitcoin’s price took a plunge toward $22K in a vicious hourly candle, as the turmoil at Silvergate Bank continues unfolding. Currently trading at around $22.3K, Bitcoin saw a 5% decrease in value over just a few minutes.
Industry Reacts To Silvergate Bank Turmoil
Industry participants were quick to react when Silvergate Bank reported operational issues yesterday. Coinbase issued a statement shortly after that they will no longer be accepting or initiating payments to/from Silvergate Bank and other crypto heavyweights followed suit.
Uptick In Liquidations
The sudden crash has also caused an uptick in liquidations, with over $240 million worth of both long and short positions being wiped from the derivatives market during the past 24 hours according to Coinglass.
Market Speculation On Price Drop
Many are speculating if this is actually the reason for Bitcoin’s price drop or not, however it remains unclear what could have caused such a dramatic shift in such little time frame.
Special Offers
Several exchanges are offering special offers for those interested in investing on cryptocurrencies: Binance is offering users $100 free plus 10% off fees on Binance Futures first month (terms). PrimeXBT is also offering users various discounted rates for their services (no details provided).