Bitcoin has fallen back below $20,000 as $70B has been wiped off the market.
The collapse of Silvergate Capital is considered one of the main factors behind the drop.
- Silvergate's collapse directly resulted from FTX's bankruptcy, as the exchange held $1B worth of Silvergate deposits.
- Today, the Federal Deposit Insurance Corp closed Silicon
Valley Bank and took control of its deposits, making it the largest
U.S. bank failure since the global financial crisis.
- The rise of interest rates and the overall macroeconomic climate have strongly affected cryptocurrency prices in the last year.
- Bitcoin
broke $25,000 for a short period in February. This was the first time
that the cryptocurrency had done so in more than six months.
- Recently, the cryptocurrency industry has been an area of special interest for legislators, who have drafted several bills.
