More than $70 billion wiped off crypto market in 24 hours as bitcoin drops below $20,000
Publishing timestamp: 2023-03-10 16:11:32
Summary
Bitcoin fell below $20,000 and the cryptocurrency market lost over $70 billion in value due to a stock market sell-off in the US, the collapse of crypto-focused lender Silvergate Capital, and the sale of $21 billion worth of holdings at a $1.8 billion loss by Silicon Valley Bank. The movement of cryptocurrency prices is closely correlated to the US stock markets, and the raising of interest rates has weighed on risk assets such as cryptocurrencies. The sentiment in the market has turned bearish due to a combination of global macro and interest rate rises, as well as exposure many banks have to long duration securities.
Sentiment: NEGATIVE
Tickers: BTC.CM=, ETH.CM=, SI, .IXIC,
Keywords: united states, bitcoin, nasdaq composite, cryptocurrency, silvergate capital corp, ethereum/usd coin metrics, markets, jerome powell, business news, technology, bitcoin/usd coin metrics,