Bitcoin continued to commerce low on March 9 as the worth fell to a multi-week low in right now’s session. The decline got here as crypto financial institution Silvergate confirmed it might reduce operations. Ethereum additionally fell barely.
Bitcoin (BTC) fell for the fourth straight time on Thursday as markets reacted to information that Silvergate Financial institution would liquidate its operations.
After Wednesday’s excessive of $22,198.90, BTC/USD fell to an intraday low of $21,609.99 right now.
The drop in value pushed Bitcoin to its lowest degree since February 13, when it bottomed out at $21,366.
Wanting on the charts, this newest sell-off coincides with the 14-day Relative Power Index (RSI) falling to its lowest level since November twenty eighth.
On the time of writing, the index is monitoring 36.86, slightly below the 37.00 assist level.
Nonetheless, BTC stays above the $21,600 decrease sure, and if this zone holds regular, the worth may rebound heading into the weekend.
Ethereum (ETH) additionally remained within the pink right now, registering its third consecutive drop.
ETH/USD moved to lows of $1,530.43 earlier within the day. This got here lower than 24 hours after hitting the $1,563.41 excessive.
Just like Bitcoin, the autumn despatched the world’s second-largest cryptocurrency to its weakest degree since mid-February.
Total, Ethereum is down practically 7% over the previous seven days. It is because the 10-day (pink) shifting common prolonged the crossover of his 25-day (blue) shifting common.
On the time of writing, the RSI has additionally hit a multi-month low of 40.57, final recorded on December nineteenth.
If this development continues, ETH will possible drop to $1,500.
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