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Silvergate Crisis: Bitcoin (BTC) Leads Market Plummet as Billions Vanish in Minutes

Published 03/03/2023, 08:15 AM
Updated 03/03/2023, 08:30 AM
© Reuters.  Silvergate Crisis: Bitcoin (BTC) Leads Market Plummet as Billions Vanish in Minutes
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  • Bitcoin went down 5% in 30 minutes and traded as low as $21,970 in the early hours of Friday.
  • Other coins like Ethereum (ETH), Polygon (MATIC), Dogecoin (DOGE), and Solana (SOL) also plummeted.
  • The dump might be associated with crypto bank Silvergate’s worrying statement on Thursday.

Bitcoin (BTC) plummeted 5% in 30 minutes early Friday morning and traded as low as $21,970 and $1,544, respectively, according to data from CoinGecko. The largest cryptocurrency had lost around $23 billion in market cap.

BTC is currently trading at $22,420. Ethereum (ETH) also went down 5% to $1,544. It’s now trading at $1,570.

Bitcoin (BTC) price chart. Source: CoinGecko.

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