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Bitcoim Price Drops Below $22k, Amidst The Shutdown Of Silvergate; Accumulation Time?

It seems that it might just be accumulation time for crypto as Bitcoin drops below the important level of $22k. Check out the latest reports about all this below.

Bitcoin price analysis

Crypto-friendly bank Silvergate says it’s decided to wind down operations and liquidate, making it the latest company to be leveled by the collapse of FTX.

“The news triggered a 36% after-hours crash in the bank’s stock, and pushed Bitcoin (BTC) from $22,100 to $21,777 at time of publishing,” according to the latest reports coming from the Daily Hodl.

The California-based bank has about $11 billion in assets and says it will fully repay all deposits in order.

“Silvergate is also shutting down its SEN platform, which allowed institutions to quickly swap crypto and cash 24 hours a day, without the need for slow and cumbersome bank wires,” according to the same online publication that we mentioned above.

Silvergate says its decision to wind down is the best path forward due to “recent industry and regulatory developments.”

The same online publication noted the fact that “The move will likely cause a number of industry players to turn to New York-based Signature Bank, which is another key banking partner in the industry.”

Bitcoin outlook for 2023

At the moment of writing this article, BTC is trading in the red, and the king coin is now priced at $22,095.

It’s been just revealed the fact that the widely followed crypto analyst Benjamin Cowen is updating his 2013 outlook for Bitcoin (BTC), warning both bears and bulls are likely to get wrecked.

In a new strategy session, Cowen said that he believes the price of Bitcoin is going to chop around for the rest of the year after the bearish market of 2022, just like it did in 2015 and 2019 after mostly bearish years.

“I think this year is going to chop up both sides of market.”

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