Bitcoin price slides 5% in 60 minutes, hitting two-week low amid Silvergate

The price of Bitcoin ( $75,365.00 ) (BTC) has fallen over 5% from $23,500 to $22,240 in just over 60 minutes, amid a wave of uncertainty concerning crypto-friendly bank Silvergate Capital. 

The price drop has wiped $22 billion from Bitcoin ( $75,365.00 ) ’s total market capitalization, which is now at $430.9 billion, according to Cointelegraph Markets Pro.

Ethereum ( $2,301.05 ) (ETH), XRP ( $0.00 ) ( XRP ( $0.00 ) ), Cardano ( $0.25 ) (ADA) and Polygon (MATIC), and other non- Bitcoin ( $75,365.00 ) cryptocurrencies have also suffered a similar sharp decline.

Bitcoin ( $75,365.00 ) just dropped $1200 in less than 30 minutes.

— The Wolf Of All Streets (@scottmelker) March 3, 2023

While the cause behind the steep $1,200 price drop is not clear, the fall is coinciding with the recent controversy surrounding Silvergate Bank and the delayed filing of its annual 10-K financial report.

Several technical analysts on Twitter claimed to have predicted the fall from $23,000 resistance, however, the reasons causing the push down are not clear.

The last time BTC was priced at $22,250 was Feb. 15.

The sharp fall comes despite an increase start to 2023, with BTC still up 34.8% since it was priced at  $16,550 on Jan. 1.