.elonmusk posted a meme to make fun of crypto haters as two big banks are sinking Bitcoin $BTC $DOGE
As reported by U.Today earlier, Silvergate bank, which offered its services to crypto startups and exchanges since 2013, that includes the bankrupt FTX exchange, has recently stated that it is shutting down its operations due to the recent developments in the crypto space and regulatory actions. The bank was run by Silvergate Capital, which announced it is closing its banking division after selling its assets at a loss.
Last Friday, March 3, the flagship cryptocurrency Bitcoin plummeted by roughly 6%, losing the $24,000 level and dropping to the $22,000 zone within an hour. The price fall was caused by the reaction of the crypto space to the news of the Silvergate crypto-friendly bank closing down. At the start of the week, several other negative factors, including the aforementioned Silvergate story, pushed Bitcoin below the $20,000 level, where it was last seen back in January.
By now, Bitcoin has begun to demonstrate a revival and is trading at $20,616, showing a 3.5% growth in the past 24 hours. It seems to be unaffected by the news of another major crypto-friendly bank seeing its stocks plummet and being in talks to sell itself. The crypto market has produced a positive reaction to the significant growth in the Non-Farm Payroll index that went up 311,000 in February — far above what analysts had expected.
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