March 3, 2023

Bitcoin Tumbles as Silvergate Fears Wipe Out Bullish Crypto Traders

Bitcoin

and other cryptocurrencies were falling Friday as fears over

Silvergate Capital

took hold, with the crypto-focused banker’s distress risking negative impacts to market functioning and U.S. regulation.

The price of Bitcoin has fallen 4.5% over the past 24 hours to $22,375, moving below the $23,000 level, above which the largest digital asset has held for weeks. Sitting above $22,000, Bitcoin is at its lowest level since early February.

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