Bitcoin Price Today 6 Jan 2023: BTC Drops By 0.20% As Silvergate Shares Plunge
Bitcoin Price Today 6 Jan 2023: The price of Bitcoin falls down after the news of Silvergate laying off employees breaks out. It is down by 0.20% in the last 24 hours.
Bitcoin was trading for 16,878.68 USD at 9:25 pm IST. However, as of writing each BTC token is costing 16,807.73 USD. Trading volume decreases by 14.27% over the last day. The market cap for the crypto is currently at 323.753 billion USD.
Bitcoin has already been going through a tough phase following the crash of FTX and the FED’s rate hike. As per IMF, one-third of the global economy will be in recession this year making the market conditions extremely tough.
The global crypto market cap stands at 815.95 billion USD, a decrease of 0.70% in the last 24 hours. The total crypto market volume is at 37.05 billion USD, a massive fall of 13.94% compared to the previous day. 
Source: coinmarketcap
BTC Price In India
If we look in terms of the rupee, the currency of India, each BTC token is selling for 13,89,495.04 lacs.
BTC Price In Singapore
In terms of the currency of Singapore, Singapore dollars, each BTC token is currently costing 22,690.43 Singapore dollars.
BTC Price In UAE
In terms of Dirham, the UAE’s currency, each BTC token stands at 61,684.36 UAE Dirham.
Why is Bitcoin dropping today?
On Thursday, Silvergate, a crypto-focused bank, shares declined over 40%. This comes after the bank released its preliminary last quarter result, which showed huge withdrawals of cryptocurrencies.
According to the bank’s early publication of the last quarter of 2022, there has been a 68% decline in crypto deposits. The bank had to liquidate its debts on the balance sheet to manage the withdrawals. The firm has also announced that it will be laying off its 200 employees, which accounts for almost 40% of its total staff. It also stated that it will be leaving the mortgage warehouse lending sector.
Also read: Silvergate Stock Crashes Nearly 50% As Firm Struggles With Crypto Deposits
- SEC Chair Paul Atkins Says Crypto Is Top Priority At SEC CFTC Roundtable
- Legal Expert Breaks Down XRP’s Appeal as Ripple SWIFT Debate Heats Up
- Crypto Stakeholders Push Back as Banks Seek Yield Ban Provision in CLARITY Act
- Crypto ETFs Approval Faces Uncertainty as Government Shutdown Looms, Bloomberg Analyst Says
- Fed’s Hammack Backs Restrictive Policy Over Rate Cuts Amid Inflation Concerns
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
- XRP Price Prediction: How XRP Could React After October 2025 SEC ETF Decisions
- Aster Price Prediction as US President Adds $110M Worth of Tokens to His Portfolio
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
