• The Bitcoin price has been unable to capitalize on the strong U.S. equities and a floundering dollar due to issues at Silvergate bank.
• Market commentators have suggested that if it weren’t for the Silvergate fears, BTC would be primed to breach the highs above $25K next week.
• Silvergate halted its institutional fiat settlement arm, the Silvergate Exchange Network, on March 3 as concerns about bankruptcy multiplied.
Bitcoin Price Retest of $25K Without Silvergate Saga
Strong US Equity Boosts Crypto Markets
The United States equity markets delivered a strong finish to the week, however Bitcoin and other cryptocurrencies were unable to capitalize on what traders argued would normally be an opportunity for gains. Most global equity indices printed higher lows, suggesting that if not for the current state of affairs surrounding Silvergate bank, BTC could possibly see prices breach above $25K in the near future.
Silvergate Bank Issues Pressure Crypto Markets
Silvergate halted its institutional fiat settlement arm, known as the Silvergate Exchange Network (SEN), on March 3rd 2021 as concerns about bankruptcy multiplied causing a 5% drop in BTC/USD spot prices within minutes. Whilst other alternatives are being proposed by market commentators this situation is still ongoing and having a negative effect on crypto markets overall.
Failed Attempt by US Dollar Hurts Crypto Gains
A failed attempt by the US dollar to head higher formed another potential tailwind for crypto but this too was ultimately untapped by cryptocurrency traders this week as markets closed with BTC/USD lingering around $22,350. Despite these hindrances however popular commentator Tedtalksmacro commented that more bullish action could be seen soon providing these issues can be resolved soon.
Crypto Advocate Hopes For Comeback
Cointelegraph contributor Michaël van de Poppe also shared his hopes for a comeback from current trends stating “matter of time until bitcoin catches up” providing matters improve in coming weeks or months ahead . Nic Carter also shared his thoughts regarding silver gate expressing he had “always respected silver gate” and hoping the situation improves “hoping they get through this intact” .