Bitcoin's price took a plunge toward $22K in a vicious hourly candle. This follows the turmoil unfolding at Silvergate Bank.
Bitcoin’s price has taken a beating and is currently down some 4% on the day. The cryptocurrency took a dive toward $22K a few hours ago and is currently trading at around $22.3K.
This happens as the turmoil at Silvergate Bank continues unfolding, and more companies release their statements on the matter.
Bitcoin’s price saw a vicious red candle on the hourly chart, which had it lose around 5% of its value in a few minutes.
Source: TradingView
The crash comes on the back of news that Silvergate Bank. The financial institution reported yesterday that it has operational issues.
Industry participants were quick to react, and shortly after that, Coinbase issued a statement that they will no longer be accepting or initiating payments to or from Silvergate.
Other crypto heavyweights did the same.
Meanwhile, the sudden crash has left many wondering if that’s the actual reason for the decline.
In any case, the move has also caused an uptick in liquidations. Over $240 million worth of both long and short positions were wiped from the derivatives market during the past 24 hours, according to Coinglass.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
