Bitcoin’s price on Friday at one point marked a two-week low for the cryptocurrency, with it later selling at roughly $22,300 in the afternoon.
The company referenced events subsequent to the end of 2022 that it said would "negatively impact the timing and the unaudited results previously reported in the earnings release," one of which was the sale of "additional" debt securities in January and February. It was "currently in the process of reevaluation its businesses and strategies in light of the business and regulatory challenges it currently faces," Silvergate said in the filing.
Coinbase, for example, said it had stopped "accepting or initiating payments" to or from the bank "in light of recent developments & out of an abundance of caution."Bitcoin prices took a tumble over the last few days.early this morning." That plunge technically "pushed the price below its 50-day moving average, which does not bode well for the short-term outlook, although this signal will only be reliable at the close of the day.
Bitcoin was trading above $42,300 early Monday morning as overall the cryptocurrency market was down overall. "A return above $22.8 an ounce before today’s close could spark further buying," Kuptsikevich also said. "Closing near the lows would be an essential signal to spread fear throughout the crypto market, suggesting a further drawdown to $19.7K in the coming weeks."
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