Bitcoin price slides 5% in 60 minutes amid Silvergate uncertainty
The price of BTC has fallen a steep 5% in a matter of 30 minutes between 1:30-2:00am UTC time on March 3. The cause behind the fall is not clear. The price of Bitcoin (BTC) has fallen over 5% from $23,500 to $22,240 in just over 60 minutes, amid a wave of uncertainty concerning crypto-friendly bank Silvergate Capital. The price drop has wiped $22 billion from Bitcoin's total market capitalization, which is now at $430.9 billion, according to Cointelegraph Markets Pro. Ethereum (ETH), XRP (XRP), Cardano (ADA) and Polygon (MATIC), and other non-Bitcoin cryptocurrencies have also suffered a similar sharp decline. Bitcoin just dropped $1200 in less than 30 minutes. — The Wolf Of All Streets (@scottmelker) March 3, 2023 While the cause behind the steep $1,200 price drop is not clear, the fall is coinciding with the recent controversy surrounding Silvergate Bank and the delayed filing of its annual 10-K financial report. Several technical analysts on Twitter claimed to have predic...