Bitcoin Prices On A Downward Slope Despite Silvergate Uncertainty


The Bitcoin prices are surprisingly down by 5% again as March 3rd approaches closer. It wiped up 22billion dollars of market cap of the stablecoin.

The prices of BTC is down by 5% as it goes from 23.5K USD to 22.2K USD in just an hour on 3rd March. Despite the Silvergate uncertainty the bad days of the stable coin is not leaving it yet. The sudden drop in price has already removed 22billion USD from the market cap of Bitcoin which after the blow becomes 430.9Bn USDs as per the Contelegraph market studies.

XRP, Ether, MATIC, Cardano and other non-BTC cryptos have also suffered the same fate with a sharp decline on 3rd March.

The head of research at Matrixport, a digi asset platform, Markus Thielen said that he trusts the fall of the prices of BTC is closely related to the Silvergate controversy of recent times as the bank delays their annual finance report. Even the effort increased by the state’s regulators to restrict the prices could not help the fall.

Bitcoin Prices Are Going Down Again:

However, Thielen added that this is going straight in the hands of China and Hong Kong who are gradually growing to support the crypto market.

He said that they have also noted an increased  activity as the firms are using rails to move the money around.

Many technical analysts of crypto took twitter to claim that they have predicted this fall beforehand. This sharp fall came despite BTC’s smooth start at the beginning of this year which has been more concerning for the investors.

However, other cryptos like ETH has fallen 4.74% succumbing to a staggering 9bn USD loss of their total market cap.