The price of BTC plummeted on March 3, wiping out $22 billion from the bitcoin market.

The price of bitcoin

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It fell from $23,500 to $22,240 in just over 60 minutes on March 3 amid a wave of uncertainty surrounding crypto-friendly bank Silvergate Capital.

According to Cointelegraph Markets Pro, the drop in the price of bitcoin wiped $22 billion from the total market cap, which now stands at $430.9 billion.

The ether

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1416 dollars


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0.37 dollars

, Cardano

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0.312 dollars


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10380 dollars

and other non-Bitcoin cryptocurrencies have suffered similarly steep declines.

Marcus Thielen, head of research at digital asset platform Matrixport, told Cointelligraph he believes the price drop has to do with the recent controversy surrounding Silvergate with its annual 10K filing delay, in addition to increased efforts by U.S. regulators Crypto Companies:

He added that the decline comes from the continued impact of Silvergate Bank as there is now greater uncertainty about Fiat’s ups and downs. Additionally, there are now broader industry concerns that U.S. regulators are seeking to sever further banking ties between crypto companies and FDIC-insured banks.”
“But this plays into the hands of Hong Kong and China, which are becoming more crypto-friendly.”

“We have seen an increase in stablecoin activity as a sign that crypto companies are using crypto rails to transfer funds,” he added.

Several technical analysts on Twitter claim to have predicted a drop in the $23,000 resistance.

The last time BTC was priced at $22,250 was on February 15th.

A sharp drop despite a solid start to 2023, with BTC still up 34.8% for the year. It changed hands on January 1 for $16,550.

Ether also fell 4.74 percent from $1,644 to $1,566, wiping out $9 billion in the first hour.

Source: CoinTelegraph