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Market News Death Cross Continues to Hang Over Bitcoin

Death Cross Continues to Hang Over Bitcoin

According to CoinMarketCap, the overall market value of cryptocurrencies decreased by 5% over the course of the week to $1.03 trillion.

Skylar Shaw

2023-03-07

7185

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Altcoins and Bitcoin are falling While the Prospect of Silvergate Bank's Insolvency Dooms

Last week, Bitcoin dropped 5.2% to finish at $22,400. To $1570, Ethereum fell 4.4%. The decline of the top 10 main cryptocurrencies ranged from 2.9% (XRP) to 11.5%. (Polygon).

According to CoinMarketCap, the overall market value of cryptocurrencies decreased by 5% over the course of the week to $1.03 trillion.

The biggest decline in bitcoin prices last week occurred on Friday, when news of Silvergate, a bank that provides services to important cryptocurrency businesses, going insolvent surfaced. The bank declared that its bitcoin purchasing service would be shut down.

While BTCUSD has resisted assaults from irate buyers, it is not in a rush to recover from the lowest. Theoretically, the selling gets worse as it approaches the 50-week moving average, which still serves as a solid support. The Death Cross that was made on the weekly timescale maintains the possibility of a return to the $16.3–18.0 level alive and encourages a careful assessment of the immediate outlook.

Bitcoin Headlines

According to media accounts, in order to assist Silvergate Bank in resolving its financial problem, worldwide market-maker Citadel Securities intends to expand its share in the bank. According to other reports, Wells Fargo may be a prospective purchase.

Gary Gensler, the head of the SEC, has cautioned bitcoin platforms against breaking the fiduciary status requirements. According to him, "client funds frequently become the property of the insolvent company" in the event that an exchange fails.

According to Brad Garlinghouse, CEO of Ripple, the US is losing more and more fintech and bitcoin businesses, which is impeding growth there. According to a poll performed by Ripple, about 300 payment companies from 45 different nations think blockchain technology and cryptocurrencies can enhance conventional banking.

The National Building Society and HSBC in the UK have put limitations on the use of credit cards to buy coins.