Signature Bank, a Silicon Valley bank is currently facing potential bankruptcy:
How does this affect the #crypto industry...
#Pigthread
1/ First Republic Bank was among the other names whose trading was halted for volatility...
#Bitcoin price has reacted badly....
How does this affect the #crypto industry...
#Pigthread
1/ First Republic Bank was among the other names whose trading was halted for volatility...
#Bitcoin price has reacted badly....
2/ Signature Bank, which has crypto exposure, also suffered losses of almost 50% for the week. This is linked to Silicon Valley Bank's need to recapitalize after Silvergate's collapse, causing investors to worry about other banks with large bond portfolios.
3/ The charts
Bitcoin's recent losses appear to be stabilizing on the one-hour chart.
Binance's order book shows some support around US$19,800, although US$123 million in long-bitcoin futures liquidations were recorded in the past 24 hours.
Bitcoin's recent losses appear to be stabilizing on the one-hour chart.
Binance's order book shows some support around US$19,800, although US$123 million in long-bitcoin futures liquidations were recorded in the past 24 hours.
4/ Bitcoin and altcoins are also taking a hit this week, with BTC closing 6.2% lower and plummeting to a two-month low of US$19,900. Ethereum (ETH) took a 6.2% nosedive, and altcoins like BNB, ADA, DOGE, DOT, and MATIC followed suit.
5/ My thoughts.
IF SBV valls, a lot of crypto and normal projects from Silicon Valley will vanish... We are waiting for something to kick start a recession and this could be it.
IF SBV valls, a lot of crypto and normal projects from Silicon Valley will vanish... We are waiting for something to kick start a recession and this could be it.
6/ I am still flat. Click "like" and RT for more threads
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