As a result of the statements and events from the USA, Bitcoin (BTC) lost more than 15% in 7 days and fell to the lowest level in the last 2 months.
Currently approx. 20 days Bitcoin and cryptocurrencies, which are in a correction, started to experience more sharp decreases with the news from the USA.
Bitcoin in a one-week period, 15% with a depreciation When watching under $20,000 lowest in last 2 months to the level declined. On the other hand, many altcoins big drops seen.
Ethereum (ETH) down 14.4% 1.409, Binance Coin (BNB) down 9.1% 272, Ripple (XRP) down 2.2% 0.369Cardano (ISLAND) down 12.2% 0.307, dogecoin (DOGE) 18.5% in decline 0.0656, polygon (MATIC) down 18.7% 0.994 dollartraded from.
What Triggered the Fall?
The delay of crypto bank Silvergate to submit its quarterly report and the news that the bank went bankrupt was where the decline started. However, although these news lowered Bitcoin, it could not cause it to fall below a certain level. Many companies, including Coinbase, ending the cooperation next Announcement of bank liquidation It accelerated the decline in Bitcoin.
FED
Fed Chairman Powell recently said in a statement that both global and attracting the attention of the cryptocurrency market made statements. Powell, whose statements based on January data led to a decrease, said, “The data on employment, consumer spending, production and inflation reversed our softening trends.” made his statements.
At the beginning of the speech on these statements of Powell which is 30% 50 basis points interest probability up to 63% had risen.
The FED’s supervisory official, Michael Barr, was instrumental in the decline with his statements on March 9. Barr said that the cryptocurrency market poses a risk to banking and that he is concerned about banks directly owning cryptocurrencies. Barr also stablecoins pose serious risks he also added.
New York Lawsuit Against KuCoin
New York Attorney General’s Office filed a lawsuit against cryptocurrency exchange KuCoin yesterday evening, on the grounds of unregistered securities and commodities sales. This is the first case in which the regulator has claimed that Ethereum is a security.
This news is about Bitcoin, which is already falling. 5% more drop caused him to live.
Silicon Valley Bank Shares Drop 60%
On the other hand, the US commercial bank Silicon Valley Bank (SVB), which ranks 16th in terms of asset size, is in support of its financial position. $2.25 billion on the news that his investors had withdrawn their money after the sale of shares. stocks 60% experienced a decline.
The market capitalization of the four largest US banks, including JPMorgan and Well Fargo, after this event more than $50 billion experienced a decline. Bitcoin, which has a correlation between stocks, was also affected by this situation and continued its decline.