On March 3, the price of Bitcoin plummeted, erasing $22 billion from its market capitalization. According to Markus Thielen, head of research at digital asset platform Matrixport, the price drop is related to the recent Silvergate Bank controversy and an increased effort by US regulators to restrict ties between banks and crypto firms. Technical analysts predict a drop from the $23,000 resistance level. BTC was last priced at $22,250 on February 15.
Bitcoin price slides 5% in 60 minutes amid Silvergate uncertainty
