Bitcoin drops to $22,277 and Ether currency hits $1,563 as the cryptocurrency tumbles during the East Asian trading day opening hours!
Major digital assets plunged at the start of the business day in Hong Kong on Friday.
Bitcoin (BTC) and Ether (ETH) are both down more than 5% as customers leave crypto bank Silvergate, whose shares fell 58% in U.S. trading on Thursday. Most of the other 10 largest cryptocurrencies by market cap experienced similar declines as BTC and ETH.
Nick Ruck of ContentFi, a Web3 venture capital studio, said: “Organizations are a bit nervous because Silvergate seems to be in trouble. Ruck also points to the release of some bitcoins from Mt. Gox, which will increase its circulating supply, as another source of volatility. The rapid sell-off took a toll on leading cryptocurrency exchange Coinbase, which started experiencing connectivity issues at 10:00 a.m.: 8pm Hong Kong time.
Other major crypto exchanges including Binance, Bitfinex, Kucoin, OKX, and Kraken have not reported similar issues.
The price of Bitcoin fell to an intraday low of $22,020 in early Asian trading hours, after remaining almost flat at $23,500 for most of the past day. It appears to be recovering slightly, recovering to just under $22,400 after the plunge.
Ether has a similar trend, dropping to $1,550 after spending its last day hovering around $1,650 with limited change. According to CoinMarketCap, Bitcoin's market capitalization has dropped by more than $20 billion to $431.9 billion. Crypto's total market cap is $1.07 trillion. According to Coinglass, the number of open interest in bitcoin futures has dropped by 8.8% in the past 4 hours. Ether's open interest has dropped by 5%.
Jasmina Demiroska
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