BTC, ETH Hit Multiweek Lows As Silvergate Uncertainty Spooks Markets – Market Updates Bitcoin News
Bitcoin fell to a two-week low on Friday as crypto markets continued to react to the uncertainty surrounding Silvergate. The soundness of the bank has been called into question, with Binance, Coinbase and other exchanges moving to halt transactions. Ethereum also edged lower, falling below $1,600 in the process.
Bitcoin
Bitcoin (BTC) plunged further into the red on Friday as markets reacted to the fallout surrounding Silvergate.
The crypto bank recently announced that it would not be able to submit its annual report to the Security and Exchange Committee, while hinting at its “ability to continue (operations).”
BTC/USD fell to an intraday low of $22,241.78 earlier in the day, less than 24 hours after trading at a high of $23,540.16.
As a result of the move, bitcoin has now fallen to its weakest position since Valentine’s day, February 14.
Instead of a pool of roses, however, Friday’s red wave has washed through the markets, leading to a huge shift in price strength.
At the time of writing, the relative strength index (RSI) is at 42.91, which is the lowest point since 1 January.
Ethereum
In addition to bitcoin, ethereum (ETH) also fell significantly in today’s session, falling below the $1,600 mark.
After a high of $1,652.43 on Thursday, ETH/USD moved to a low of $1,553.85 earlier in the day.
Today’s drop has pushed the world’s second-largest cryptocurrency to its weakest level since February 15.
As predicted earlier in the week, a move towards $1,550 was already on the cards as the 10-day (red) moving average neared a bearish cross with the 25-day (blue) moving average.
The RSI has also contributed to the sell-off, with the index falling below a recent support point of 49.00.
Currently, the price strength of ETH is at 44.51, which is marginally above the next support at 44.00.
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Will the Silvergate fallout push crypto prices even lower this weekend? Leave your thoughts in the comments below.
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