Summary:
- Bitcoin, which had started strong in March 2023, but continued to fall since before its rise in price over the weekend.
- The recent crash of Silicon Valley Bank and the closure of Silvergate Capital could have affected Bitcoin’s price last week.
- Although the weekend brought some relief, with Bitcoin and other cryptocurrencies rising, it’s becoming more difficult to ignore the negative movements in the industry.
Bitcoin is far from where it was during the pandemic and the digital asset has continued to struggle despite its rise over the weekend.
On Friday, the crypto fell to just over $20,000 but by Monday, it had shot up back to $22,000. Its momentary drop likely had to do with the crash of Silicon Valley Bank (SVB), which is responsible for holding mush of tech company deposits, including crypto firms.
The SVB collapse saw the US government move in to protect depositors, which is likely why Bitcoin price jumped over the weekend.
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This is not the only industry incident that could have affected the price of Bitcoin last week, another financial institution, this time the crypto-focused bank Silvergate Capital closed its gates as well and liquidated.
Cryptocurrency appears to be going through tough times that extended from 2022 into this year, With speculations that Bitcoin would break several bounds, including hitting $250,000 price mark, many still kept their faith in the asset.
However, it is becoming more difficult to not give in to panic with all the negative movements in the industry. Although, for the month of March 2023, Bitcoin had started strong, coming in at $23,600+ but it had continued to fall since then.
The price movement is not unique to Bitcoin as its closest relative, Ethereum, also rose over the weekend, going from $1,400 to $1,580. Others like Dogecoin, Tether, and BNB also rose over the weekend after dipping on Friday.
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