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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin (BTC) And Ethereum (ETH) Fall 4% Amid Silvergate Fallout

Samuel Edyme
Samuel Edyme
2 years ago
4 mins read
Bitcoin (BTC) and Ethereum (ETH)

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Crypto assets such as Bitcoin and Ethereum have always been known to be impacted by the news, and the latest news today that resulted in a plummet in the market is the Silvergate fallout. This news has caused a sharp decline in two of the largest crypto assets in the market. 

According to a report from Bloomberg, crypto platforms are now cutting ties with the U.S.-based crypto-friendly bank following its disclosure of its review of whether it can remain viable. So far, Coinbase and Digital Asset Capital Management are the latest on the list to end their partnership with Silvergate. 

Bitcoin (BTC) And Ethereum (ETH) Sharp Decline

Following the negative news concerning the crypto-focused bank Silvergate, Bitcoin and Ethereum have both seen a sharp fall in price by 4.5% and 4.7% respectively over the past 24 hours. Both assets have seen notable differences in the highs and lows in the past 24 hours. 

Related Reading: Bitcoin Births Another Set Of Millionaires As BTC Nears $24,000

At the time of writing, BTC’s price made a 24-hour low of $21,921 and a high of $23,541. In contrast, ETH’s price has also made some notable movement with 24 hour low of $1,550 and a high of $1,653.

Notably, Bitcoin has since been indicating an upcoming bearish trend following its enormous 40% spike in January and its slowed-down rally in February. 

Compared to January when BTC surged from the $16,000 zone seen late last year to as high as $23,799 as of January 29, the largest crypto by market cap only picked up from there to $25,000 in February having a little rally last month compared to the 40% seen the month before. 

Bitcoin (BTC/USDT) price chart on TradingView
Bitcoin price is moving sideways on the 1-day chart. Source: BTC/USDT on TradingView.com

Currently, the BTC chart still indicates a continuous downward trend as the asset price is looking to dip below our previously marked-out support of just under $22,000. On the other hand, ETH price action is not far from being distinct. 

Over the past week, Ethereum has been signaling a bearish trend after falling gradually by nearly 5% in the past 7 days despite the upcoming Shanghai launch. The asset has suffered a decline in not only price but also in market cap.

Ethereum price chart on TradingView
Ethereum price is moving sideways on the 4-hour chart. Source: ETH/USDT on TradingView.com

Over the past 15 days, more than $18 billion has been removed from ETH’s market cap after falling from a market cap high of $206 billion seen on February 16 to $188 billion as of March 3. Regardless, the asset still ranks steadily as the second largest crypto by market cap after Bitcoin. 

Alongside BTC and ETH’s fall, the global cryptocurrency market capitalization has also suffered a 5% fall in valuation over the past 24 hours. Though the crypto market was able to maintain composure amid the regulator crackdown, the Silvergate saga appears to have a higher impact on the market. 

Related Reading

The Latest Bitcoin News & Expert Crypto Insights

1 year ago

Silvergate Relation With The Crypto Industry

Silvergate is a U.S. bank that has served the crypto market in general. The bank allowed the rapid transfer of funds between accounts and crypto exchanges such as Coinbase and Crypto.com, as well as over-the-counter trading desks with its Silvergate network. 

Following the crash of the FTX exchange last year, the bank suffered a run on deposits given its connection with the exchange being a key client. After delaying its annual 10-K report with the Securities and Exchange Commission (SEC).

This week, the bank revealed that it is reviewing whether it can still continue to operate. This update has caused ripples within its list of partnerships, as well as a decline in its stock price. On Thursday, Coinbase announced that it has ended its relationship with the bank. 

Shortly after that, other crypto platforms and firms such as Gemini, Crypto.com, and crypto hedge fund Digital Asset Capital Management disclosed they’re cutting off ties with the U.S.-based crypto-friendly bank. Richard Galvin, co-founder at Digital Asset Capital Management already said the company is looking to move away from Silvergate and look into Swiss banks, according to Bloomberg.

Silvergate (SL) price chart on TradingView
Silvergate is moving sideways on the 1-day chart. Source: SL on TradingView.com

So far, Silvergate stock with the ticker SL has plummeted more than 10% from a high of $14 on Wednesday to $5.72 at the time of writing.

Featured image from Unsplash, Chart from TradingView.
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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Reason to trust

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