Bitcoin price risks $23K rerun as Coinbase stock falls over Silvergate

cointelegraph.com:

Bitcoin (BTC) erased early-month gains on March 2 as fresh market uncertainty erupted over solvency of crypto bank Silvergate.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $23,206 on Bitstamp, down around 1.5% on the day.

The pair came under pressure as rumors swirled over the fate of Silvergate, which lost United States exchange Coinbase as a client in a decision the latter said came out of "an abundance of caution."

Silvergate had suffered as a result of the FTX implosion, delaying its 10-K report this week and warning that it could be "less than well capitalized." 

The shares of parent company Silvergate Capital were down 40% on the day at the time of writing.

Coinbase also felt the pressure, with Coinbase Global (COIN) shares losing 9.65%, with BTC price action itself nonetheless avoiding major knock-on losses.

"Silvergate potentially going bankrupt, pushing prices down a bit more. On the other hand; people piling into positions since the news and no real movement on Bitcoin," Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, reacted.

Popular trader and analyst Stack Hodler had a similar view, suggesting that current events should not form a reflect on Bitcoin itself.

"Coinbase, Silvergate, Bank of America, and the Federal Reserve could all implode overnight and it wouldn't change the number of Sats I hold in cold storage," he told Twitter followers.

Focusing on immediate price performance, however, others were in risk-off mode, looking for a reclaim of higher levels before considering long positions.

$BTCKeep it simple..4HR close / acceptance above 23.8K could re-ignite bullish momentum. Until then, I wouldn't be looking at any local longs.