Bitcoin (BTC) remained lower over the weekend due to problems in the market that Silvergate bank visited.
Bad news is holding Bitcoin back
Data from Cointelegraph Markets Pro and TradingView show BTC/USD lingering around $22,350 on March 4.
The pair managed to avoid further losses after the initial shock around Silvergate removed 5% of the spot price in minutes.
With United States equities delivering strong deals for the week, Bitcoin and altcoins have been unable to capitalize on what traders typically see as opportunities for profit.
“Most global equity indices have now hit record highs,” commented popular commentator Tedtalksmacro write in the overnight update section.
“If it wasn’t for the silvergate scare, BTC would be primed to post a high above 25k next week.”
Cointelegraph contributor Michaël van de Poppe, founder and CEO of the trading company Eight, hopes that the comeback for Bitcoin can still hit.
“Bitcoin dropped from $23,800 to $22,300, while Nasdaq and S&P made a strong bounce. It’s a matter of time until Bitcoin catches up,” he toward Twitter followers.
A failed attempt by the US dollar to lead higher formed another potential tailwind for the crypto, but this was still untapped as the trading week ended.
$DXY Chart 1D. Every day has reached a difficult point for crypto. Test the KumoCloud breakout several days in a row here, break above and the crypto is likely to be in a bearish trend for a bit. Rejection is still possible here, but there is more volatility for BTC/Alts when it is in this range#BTC https://t.co/h0DZDUaTmf pic.twitter.com/GGmLTqrDiY
– KevinCrates (@kevincrates_) March 3, 2023
Silvergate sags to an all-time low
Silvergate discontinued its institutional fiat settlement arm, the Silvergate Exchange Network, on March 3 as concerns about bankruptcy multiplied.
Related: 3 BTC Bulls Bitcoin price hurdles fail to end in 2023
As some proposed alternative to exchange, others regret the collapse of the bank and hope that the situation will improve.
Bitcoin Advocate Nic Carter said he has “always respected Silvergate for not being pro crypto when almost no one else was.”
“It’s sad to see the situation now, we hope to get through to the other side,” he said.
Shares of Silvergate Capital closed the week at record lows, at one point trading below $5. At its peak during the 2021 Bitcoin peak, it traded above $150.
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