More than $70 billion wiped off crypto market in 24 hours as bitcoin drops below $20,000

PUBLISHED FRI, MAR 10 20235:13 AM ESTUPDATED 5 HOURS AGO

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Arjun Kharpal

@ARJUNKHARPAL

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KEY POINTS

Bitcoin fell below $20,000 on Friday hitting a near-two month low after a stock market sell-off in the U.S.

Another factor weighing on crypto prices is the collapse of Silvergate Capital, a major lender to the crytpo industry. Silvergate said Wednesday it is winding down operations and liquidating its bank.

Investors are also on edge after tech-focused Silicon Valley Bank said it sold off $21 billion worth of its holdings at a $1.8 billion loss.

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Bitcoin is under pressure as the Federal Reserve has indicated that rates could go higher than expected and after a major crypto-focused lender, Silvergate Capital, collapsed.

Bitcoin

 briefly fell 8% to below $20,000 on Friday, hitting a near-two-month low, after a stock market sell-off in the U.S. and the collapse of a crypto-focused lender.