CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
  • Market Updates
  • BTC Analysis
  • ETH Analysis
  • XRP Analysis
  • Interviews
CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
Home » Market Updates » Bitcoin’s Fast Crash to $22.2K and What’s Next: Market Watch

Bitcoin’s Fast Crash to $22.2K and What’s Next: Market Watch

Author: George Georgiev

Last Updated Mar 3, 2023 @ 17:39

Bitcoin’s price crashed almost instantly to $22.2K, while the rest of the market also took a beating over the past 24 hours.

Getting your audio player ready...

Bitcoin’s price plunged toward $22K earlier today, and the entire market followed. Billions were wiped off the total capitalization as all the major cryptocurrencies are currently trading in the red.

The move follows turmoil at Silvergate Bank – a financial institution that was heavily focused on servicing major crypto companies.

Bitcoin’s Price Crashes Toward $22K

As CryptoPotato reported earlier, the price crashed to about $22.2K on Binance but has since slightly recovered to where it currently trades.

BTCUSDT_2023-03-03_11-38-07
Source: TradingView

Many seem to believe that the reason for the crash is the turmoil that was revealed at Silvergate Bank.

Yesterday, the bank said that it won’t be able to file its financial reports in time, while its Chief Investment Officer, Matthew Dibb, said:

Alicia Bakery
CMO - A really good agency

Did you like this market update?
This is all you need not to miss any price action in the raging crypto markets. Start receiving this recap, for free, every day:

Invalid email address
Your privacy is guranteed.
Thanks for subscribing, you will get your first report in the next hours!

From what we gather, most crypto companies have had to already find banking elsewhere, hence we believe the damage is likely already done in terms of implications to the wider crypto market.

The list of crypto heavyweights who seized their relationships with the bank includes Coinbase, Kraken, Crypto.com, Bitstamp, and others.

However, some experts also pointed out that the sudden crash was caused by a margin call, justifying the almost instantaneous nature of the move. In any case, experts seem to be torn on whether BTC will recover the losses or if that’s just the beginning of a much-anticipated correction following the rally to $25K.

Altcoins Also Bleeding Out

As it’s almost always the case, altcoins also took a beating following Bitcoin’s crash and the market is painted almost entirely in red.

crypto_heatmap_0303231
Source: Quantify Crypto

The worst performer today is Terra Luna Classic, which crashed by about 13% in the past 24 hours, immediately followed by Mina Protocol (MINA), which is down about 11%. AGIX is right there with them, losing over 10% on the day.

Of course, there are some exceptions. Ethereum liquid staking behemoth Lido (LDO) is up 4%, while the rest of the market is crashing. ImmutableX is also up around 6% over the same period.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!


Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
Enjoy reading? Share with your friends
Facebook Twitter LinkedIn Telegram

About The Author

George Georgiev
More posts by this author

Georgi Georgiev is CryptoPotato's editor-in-chief and a 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

Join Our Community

FacebookX YouTubeTelegram


Editorials
5 Best Meme Coin Presales to Watch in May 2025

5 Best Meme Coin Presales to Watch in May 2025

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

11 Best Crypto Presales to Consider in May 2025

11 Best Crypto Presales to Consider in May 2025

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

The 5 Best Bitcoin Mining Pools in 2025: Complete Guide

The 5 Best Bitcoin Mining Pools in 2025: Complete Guide

The 5 Best Crypto Staking Platforms in 2025: Everything You Need to Know

The 5 Best Crypto Staking Platforms in 2025: Everything You Need to Know

Footer Logo
About
Advertise on CryptoPotato
About Us | Contact Us | Careers
Editorial Policy
Terms of service | Privacy Policy | GDPR
More Sections
IEO List | Evaluations
Airdrops
Scholarship
Disclaimer
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
© Copyright CryptoPotato 2016 - 2025
Scroll to top