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The crypto friendly bank Silvergate Bank has recently been struggling due to increased market regulations and has just announced that it will be winding down operations shortly. It's safe to say that this has negatively affected the crypto market as Bitcoin and Ethereum have both dipped in value as a result.
Bitcoin has been on a downward bearish trend for the past week, and dipped under $22,000. BTC currently trades at a low of $21,664.22 and is down around 7.5% in the past 7 days. The bear trend comes in the midst of Silvergate Bank concerns and higher interest rates across the world, which are higher than first anticipated.
Ethereum is also in the red, but the decline has not been as severe as Bitcoin's. Ethereum is down around 6% in the past week and currently trades at $1.535.45.
Ethereum's current price prediction has a mixed outlook. Compared to Bitcoin it could be bullish but the burn rate of ETH tokens has decreased significantly since February. Since the start of March the blockchain has deployed various network upgrades and improvements which could help the coin rally.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
