What Triggered the Drop in Bitcoin (BTC) And Ethereum (ETH)? What’s the Current Situation?

A series of negative news continues to come for the crypto money market in recent days. Finally silvergate The incident also affected the cryptocurrency market. In East Asia, with the crypto currency falling during the opening hours of the trading day, Bitcoin to $21,975, Ethereum is 1.545 dollars declined.

Millions of dollars of liquidation took place after this decline today.

Although there was a pessimistic atmosphere in the market after the decline, Binance CEO CZ, one of the leading names in the industry, made a new bottom statement.

So what is the most important event that is thought to trigger today’s decline?

Drop in Silvergate Affects Bitcoin (BTC) And Ethereum

Major digital assets are on the decline as the business day begins in Hong Kong today.
Bitcoin (BTC) and Ethereum (ETH) tumbled more than 5% as customers fled the crypto bank Silvergate, whose shares fell 58% in US transactions on Thursday.

Most of the other 10 largest cryptocurrencies by market cap saw similar declines to BTC and ETH.

“Institutions are a little timid because Silvergate seems to be having trouble,” said Nick Ruck of ContentFi, a Web3 startup studio.

Ruck also has Mt. He pointed to the release of some of Gox’s Bitcoin, which would increase its circulating supply.

After holding steady at $23,500 for most of the past day, Bitcoin’s price dropped to an intraday low of $22,975 when Asian trading hours began. It recovered slightly after its decline, climbing just below $22,400.

Ethereum followed a similar trend and dropped to $1,545 after spending the past day with limited variation around $1,650.

The fear and greed index is currently neutral at 50 points. For BTC, the most important level is $ 22,300, while for Ethereum, $ 1535. The protection or loss of these levels will shed light on the market movements in the coming days.

*Not investment advice.