Bitcoin and Ethereum Prices Plunge as Markets React to Silvergate Bank Liquidation
Bitcoin (BTC) and Ethereum (ETH) prices have been on a downward spiral this week, as markets continue to react to the liquidation of Silvergate Bank.
BTC/USD fell to an intraday low of $19,669.92 earlier today, its weakest point since January 13, when it bottomed out at $18,714. The 14-day relative strength index (RSI) also fell below a key floor at the 32.00 mark, tracking at 26.11 at the time of writing.
ETH/USD also fell significantly lower in Friday’s session, with market volatility also higher due to this afternoon’s nonfarm payrolls report. It fell to a low of $1,378.53 earlier in the session, which comes a day after trading at a peak of $1,543.69. The RSI is now tracking at 28.30 as a result of this sell-off, which is its weakest point since last June.
The plunge in prices comes ahead of a pivotal U.S. nonfarm payrolls report, which could decide how aggressive the Federal Reserve acts in its upcoming meeting. A weak nonfarm payrolls number could help boost crypto prices, but investors will have to wait and see.
It is clear that the liquidation of Silvergate Bank has had a significant impact on the crypto markets, and investors will be watching closely to see how the situation develops. In the meantime, those interested in staying up to date with the latest crypto news and price analysis can register their email here to get weekly updates sent to their inbox.