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Bitcoin fell by 5% in just 60 minutes

1:33 pm, March 3, 2023

The flagship cryptocurrency fell by 5% in just 60 minutes amid reports of a possible collapse of Silvergate Bank, which serves the largest crypto platforms. At the time of writing, the BTC $97,388.03 Bitcoin -1.20% Market capitalization $1.93 trillion VOL. 24 hours $2.52 billion rate has dropped by 6.6% over the past 7 days.

After representatives of Silvergate announced that the bank might close, the American exchange Coinbase announced that it would stop working with Silvergate. Against this backdrop, the bitcoin rate dropped from $ 23,443 to $ 22,259 in a few minutes, and the value of ethereum also dropped to $ 1,566.

According to a popular cryptocurrency trader and analyst under the pseudonym Credible Crypto, the bitcoin rate has reached the support level of $ 22,243, so if the bulls allow it to break through, we can expect the market to continue falling. However, as long as the rate remains above $ 21,370, the expert is optimistic about the growth of the Crypto market.

Earlier, Galaxy Digital Holdings CEO Mike Novogratz predicted that bitcoin would rise to $ 30,000 by the end of March. Last year, the CEO of Galaxy Digital said that bitcoin would reach $ 500,000 by 2025 if the US Federal Reserve continues to raise interest rates.

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BTC

$97,388.03

-1.20%

ETH

$3,353.53

-0.12%

BNB

$654.59

-0.90%

XRP

$1.40

-9.07%

SOL

$250.23

-2.55%

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