{"id":522136,"date":"2023-03-07T14:29:10","date_gmt":"2023-03-07T14:29:10","guid":{"rendered":"https:\/\/ktsl888.com\/?p=522136"},"modified":"2023-03-07T14:29:10","modified_gmt":"2023-03-07T14:29:10","slug":"bitcoin-backpedals-to-22000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-backpedals-to-22000\/","title":{"rendered":"Bitcoin Backpedals To $22,000 Region Amid Worries About Silvergate"},"content":{"rendered":"<p>Key on-chain measures provided resistance throughout the first week of March, thus dampening the excitement of Bitcoin traders.<\/p>\n<p>Over the course of the previous week leading up to the beginning of February, <a href=\"https:\/\/coinmarketcap.com\/\" target=\"_blank\" rel=\"noopener nofollow\">Bitcoin (BTC)<\/a> had been trading at roughly $23,500.<\/p>\n<p>Today, the largest cryptocurrency by market capitalization is facing a retest of the $22,000 level, which would benefit the\u00a0short sellers.<\/p>\n<p>Bitcoin&#8217;s price has been pretty stable over the past few weeks despite the fact that it has struggled to gain traction at the $22K mark over the past several months.<\/p>\n<h2><strong>Bitcoin Feeling The Pressure At $22K Level<\/strong><\/h2>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/shiba-inu-is-the-crypto-of-choice-by-top-100-ethereum-whales-heres-why\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Shiba Inu Is The Crypto Of Choice By Top 100 Ethereum Whales \u2013 Here\u2019s Why<\/a><\/div>\n<p>Bitcoin&#8217;s price on Monday fell below a key support level around $22,200. At the time of writing, Bitcoin was trading at $22,360, down 4.54% in the last seven days, and with a market cap of $431.7 billion, data from crypto market tracker CoinMarketCap shows.<\/p>\n<pre style=\"text-align: center\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-522138 size-full\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/a-12.png?resize=1198%2C72\" alt=\"\" width=\"1198\" height=\"72\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/a-12.png?w=1198 1198w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/a-12.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/a-12.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/a-12.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/a-12.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/a-12.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\">Source: CoinMarketCap<\/pre>\n<p>BTC was<a href=\"https:\/\/www.coingecko.com\/\" target=\"_blank\" rel=\"noopener nofollow\"> down nearly 10%<\/a> in the last two weeks, and down 4% in the last 30 days, data from Coingecko shows.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-522141 size-full\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/btc.png?resize=750%2C82\" alt=\"\" width=\"750\" height=\"82\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/btc.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/btc.png?w=460 460w\" sizes=\"(max-width: 750px) 100vw, 750px\"><\/p>\n<pre style=\"text-align: center\">Source: Coingecko<\/pre>\n<h2><strong>Silvergate Concerns Grow<\/strong><\/h2>\n<p>In recent days, Bitcoin has been trading over $22,400, firmly within the narrow range it has occupied since last week, when traders sold off $78 million worth of long bets in the face of worries about <a href=\"https:\/\/www.dailyfx.com\/news\/bitcoin-price-outlook-btc-eth-trades-flat-after-bouncing-off-support-20230306.html\" target=\"_blank\" rel=\"noopener nofollow\">Silvergate Capital.<\/a><\/p>\n<p>Following the announcement of a 40% decrease in its personnel, the California-based company made a &#8220;risk-based&#8221; decision to stop its Exchange Network.<\/p>\n<p>Silvergate stated in a filing last week that recent developments, particularly the collapse of the FTX exchange and following regulatory measures, had raised concerns about the bank&#8217;s capacity to &#8220;remain as a going concern.&#8221;<\/p>\n<p>Other companies, like as Coinbase and Paxos, severed relations with the bank in the days that followed.<\/p>\n<p>Bitcoin and other cryptocurrencies were relatively unchanged on Monday, hovering below previous levels out of worry that constraints on crypto-focused institutions could have an influence on the markets.<\/p>\n<p>Bitcoin&#8217;s price was trading sideways for most of the last week as the market continued to process Silvergate and prepared for what is expected to be encouraging economic news from China this week.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/8en12AwC\/\" width=\"2047\" height=\"979\"><\/p>\n<pre style=\"text-align: center\">BTC total market cap at $431.6 billion on the daily chart | Chart: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/these-5-cryptos-are-set-to-break-the-bears-backs-this-week\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">These 5 Cryptos Are Set To Break The Bears\u2019 Backs This Week<\/a><\/div>\n<h3><strong>BTC Forecast<\/strong><\/h3>\n<p>Jeff Dorman, chief investment officer at digital asset investment firm Arca, wrote in a Monday newsletter that the stability of the cryptocurrency market in recent days suggests that last week&#8217;s price drop may have been the result of a single seller (or small group of sellers) rather than a market-wide panic.<\/p>\n<p>While BTC\/USD has been consolidating around $22,200, a break below $22,000 might trigger a more severe correction.<\/p>\n<p>Meanwhile, some analysts continue to forecast that BTC will reach $25,000 in the short term, with on-chain data indicating several causes for price volatility at higher levels.<\/p>\n<p><em>-Featured image from VICE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key on-chain measures provided resistance throughout the first week of March, thus dampening the excitement of Bitcoin traders. Over the course of the previous week leading up to the beginning of February, Bitcoin (BTC) had been trading at roughly $23,500. Today, the largest cryptocurrency by market capitalization is facing a retest of the $22,000 level, which would benefit the\u00a0short sellers. Bitcoin&#8217;s price has been pretty stable over the past few weeks despite the fact that it has struggled to gain traction at the $22K mark over the past several months. Bitcoin Feeling The Pressure At $22K Level Related Reading: Shiba Inu Is The Crypto Of Choice By Top 100 Ethereum Whales \u2013 Here\u2019s Why Bitcoin&#8217;s price on Monday fell below a key support level around $22,200. At the time of writing, Bitcoin was trading at $22,360, down 4.54% in the last seven days, and with a market cap of $431.7 billion, data from crypto market tracker CoinMarketCap shows. Source: CoinMarketCap BTC was down nearly 10% in the last two weeks, and down 4% in the last 30 days, data from Coingecko shows. Source: Coingecko Silvergate Concerns Grow In recent days, Bitcoin has been trading over $22,400, firmly within the narrow range it has occupied since last week, when traders sold off $78 million worth of long bets in the face of worries about Silvergate Capital. Following the announcement of a 40% decrease in its personnel, the California-based company made a &#8220;risk-based&#8221; decision to stop its Exchange Network. Silvergate stated in a filing last week that recent developments, particularly the collapse of the FTX exchange and following regulatory measures, had raised concerns about the bank&#8217;s capacity to &#8220;remain as a going concern.&#8221; Other companies, like as Coinbase and Paxos, severed relations with the bank in the days that followed. Bitcoin and other cryptocurrencies were relatively unchanged on Monday, hovering below previous levels out of worry that constraints on crypto-focused institutions could have an influence on the markets. Bitcoin&#8217;s price was trading sideways for most of the last week as the market continued to process Silvergate and prepared for what is expected to be encouraging economic news from China this week. BTC total market cap at $431.6 billion on the daily chart | Chart: TradingView.com Related Reading: These 5 Cryptos Are Set To Break The Bears\u2019 Backs This Week BTC Forecast Jeff Dorman, chief investment officer at digital asset investment firm Arca, wrote in a Monday newsletter that the stability of the cryptocurrency market in recent days suggests that last week&#8217;s price drop may have been the result of a single seller (or small group of sellers) rather than a market-wide panic. While BTC\/USD has been consolidating around $22,200, a break below $22,000 might trigger a more severe correction. Meanwhile, some analysts continue to forecast that BTC will reach $25,000 in the short term, with on-chain data indicating several causes for price volatility at higher levels. -Featured image from VICE<\/p>\n","protected":false},"author":557,"featured_media":522145,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,6664,87941],"class_list":["post-522136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-crypto","tag-silvergate-capital"],"acf":[],"yoast_head":"\n<title>Bitcoin Backpedals To $22,000 Amid Worries About Silvergate<\/title>\n<meta name=\"description\" content=\"Key on-chain measures provided resistance throughout the first week of March, thus dampening the excitement of Bitcoin traders. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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