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Cryptocurrency News: Bitcoin Drops To Eight-Week Low On Bad Bank News


Cryptocurrency News: Cryptocurrency prices fell early Friday as the industry continues to grapple with the Wednesday announcement that Silvergate Capital (SI) is shutting down and liquidating its crypto-friendly subsidiary Silvergate Bank. Meanwhile, bank stocks took a hit as SVB Financial (SIVB), parent of top tech lender Silicon Valley Bank, seeks a buyer after being unable to stem its liquidity crunch. The full impact on crypto is yet to be seen. Bitcoin sank to a new eight-week low.

On Thursday, New York Attorney General Letita James alleged that ether, the token for ethereum, is a security, the Wall Street Journal reported.

Last Thursday evening, a group of U.S. senators announced an investigation into the top crypto exchange Binance for a host of alleged illegal activity, including money laundering and avoiding U.S. regulators.




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Cryptocurrency Price Action

Bitcoin traded near $19,960 Friday afternoon in a volatile trading day. BTC dropped more than 8% overnight, falling to an eight-week low of $19,580 and recovered as high as $20,536 during the day. Bitcoin is down eight of the past nine days and punched up to $25,000 as recently as Feb. 21 – topping its August high to trade at its best level since June 13.   The world’s largest cryptocurrency is up about 20% so far this year following the FTX collapse in early November.

Ethereum hovered around $1,415 Friday afternoon after falling to $1,370 overnight – its lowest level since Jan. 11. Ethereum held under $1,600 since the Binance investigation announcement last Thursday and hasn’t topped $1,700 since Feb. 20.  The #2 crypto is up 18% year-to-date.

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Digital asset investments are extremely volatile. While cryptocurrency’s fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.

Despite their original promise, cryptocurrencies haven’t acted as hedges against inflation. Instead, they’ve trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.

View IBD’s Best Cryptocurrencies And Crypto Stocks To Buy And Watch page to help navigate the world of digital asset investments.

Want a deeper dive into crypto? Check out the What Is Cryptocurrency? explainer page.

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Note: MicroStrategy is a software company that converts its cash into Bitcoin and heavily invests in cryptocurrency. Former CEO and Board Chairman Michael Saylor claims MSTR stock is essentially a Bitcoin spot ETF.

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