Bitcoin fell by 5% in just 60 minutes

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 $56,123.78 Bitcoin -1.32% Market capitalization $1.11 trillion VOL. 24 hours $2.7 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.