[코인시황] Bitcoin below $21,000… Seven-week low following Silvergate |

Bitcoin (BTC) fell below $21,000 for the first time in seven weeks as investors panicked over the collapse of Silvergate Bank.

Parent company Silvergate Capital said, “Silvergate Bank will cease operations through a voluntary liquidation process.”

Bitcoin fell to $20,050, its lowest level since January 14th. Over the past 24 hours, it has fallen more than 7.6%, above $20,370.

Edward Moya, chief analyst at OANDA, said, “Following Silvergate Capital, Bitcoin may be subject to an additional selling pressure test at the $20,000 level.” .

According to Coinglass, in the last 24 hours, Bitcoin recorded more than $98 million of liquidation. More than 94% of them were long positions.

Investors panicked last week after Silvergate delayed filing its annual report and announced it would be “difficult to sustain as a business.” After that, the price of Bitcoin started to fall.

“The closing of Silvergate Bank is representative of the problems crypto banks are experiencing,” Moya said.

“If more crypto service providers suffer from the Silvergate liquidation, access to crypto assets will be more difficult and it will be harder to attract new investors,” said Stockcharts.com chief analyst Julius De Campenner.

Progress CEO Stephen Rust also took a similar view, saying, “Since it is difficult for institutional investors to respond quickly to different environments, the Silvergate crisis will further slow their access to the market.” We will push it out,” he said.

Current status of other virtual assets

Most of the major virtual assets also showed declines. Ethereum (ETH) traded at $1440, down 7% from the previous day.

The decline in Ethereum appears to stem from news of the prosecution of KuCoin by New York prosecutors. On the 9th, New York prosecutors cited Kucoin, a virtual asset exchange, for selling unregistered securities and products. Prosecutors argued that most of the virtual assets listed by KuCoin were securities, and that Ethereum, LUNA (Luna), and Terra USD were all securities.

Polygon’s MATIC token, a second-tier platform, has lost more than 8% over the past 24 hours and over 16% over the past 7 days, trading below $1. The SOL (Solana) token also fell 9% yesterday to $17.09. SOL, which has been held at the $20 level all this year, has fallen more than 20% in the last 7 days.

The CoinDesk Market Index (CMI) fell 4.7% in the previous day and 11.4% in 7 days.

Traditional financial markets also slowed, with the Standard & Poor’s (S&P) 500 Index falling 1.9%.

English article: translated by Choi Yoon-young, edited by Kim Ki-man at CoinDesk Korea