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Market Picture
Bitcoin fell 5.2% last week to close at $22,400. Ethereum lost 4.4% to $1570. Other leading altcoins in the top 10 fell between 2.9% (XRP) and 11.5% (Polygon).
The total capitalisation of the crypto market fell 5% over the week to $1.03 trillion, according to CoinMarketCap.
Bitcoin's most significant drop last week came on Friday amid reports of the possible bankruptcy of Silvergate, a bank that services major cryptocurrency companies. The bank announced the closure of its cryptocurrency payment service.
While BTCUSD has held up during furious sellers' attacks, it is in no hurry to bounce back from the bottom. Technically, the 50-week moving average continues to act as a valid resistance from which the selling intensifies. The Death Cross formed on the weekly timeframe makes for a cautious view of the near-term outlook and keeps the potential for a return to the $16.3-18.0 level.
News Background
According to media reports, global giant market-maker Citadel Securities plans to increase its stake in Silvergate Bank to help it out of its liquidity crisis. Other rumours suggest that Wells Fargo is a potential buyer.
SEC chief Gary Gensler has warned cryptocurrency exchanges against failing to comply with custodian status. He said that if an exchange collapses, "customer funds often become the property of the bankrupt entity".
Brad Garlinghouse, CEO of Ripple, said that more and more cryptocurrency and fintech companies are leaving the US, which is stifling innovation in the country. Around 300 payment providers from 45 countries believe blockchain and cryptocurrencies can improve traditional finance, according to a survey conducted by Ripple.
The UK's Nationwide Building Society and HSBC have imposed restrictions on card purchases of cryptocurrencies.
About the author
Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.