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Bitcoin price slides 5% in 60 minutes, hitting two-week low amid Silvergate

Bitcoin price slides 5% in 60 minutes, hitting two-week low amid Silvergate

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The price of Bitcoin (BTC) has fallen over 5% from $23,500 to $22,240 in just over 60 minutes, amid a wave of uncertainty concerning crypto-friendly bank Silvergate Capital. 

The price drop has wiped $22 billion from Bitcoin’s total market capitalization, which is now at $430.9 billion, according to Cointelegraph Markets Pro.

Ethereum (ETH), XRP (XRP), Cardano (ADA) and Polygon (MATIC), and other non-Bitcoin cryptocurrencies have also suffered a similar sharp decline.

Bitcoin just dropped $1200 in less than 30 minutes.

— The Wolf Of All Streets (@scottmelker) March 3, 2023

While the cause behind the steep $1,200 price drop is not clear, the fall is coinciding with the recent controversy surrounding Silvergate Bank and the delayed filing of its annual 10-K financial report.

Several technical analysts on Twitter claimed to have predicted the fall from $23,000 resistance, however, the reasons causing the push down are not clear.

Bitcoin price chart. Source: Cointelegraph Markets Pro

The sharp fall comes despite an increase start to 2023, with BTC still up 34.8% since it was priced at  $16,550 on Jan. 1.

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