Crypto Bloodbath To Worsen As Silvergate Debacle Unfolds

Crypto News: Silvergate Capital Corp, a California based crypto asset venture lender, shook the traditional and Digital asset markets with its latest revelations. The crypto market registered a decline of around 4% over the past day. While, the largest cryptocurrency, Bitcoin price is struggling to stay over the $23k level.

Crypto Crash To Get Deepen

As per a report by Cryptoquant, the crypto market technicals, and on-chain data analysis suggests a probable price reduction ahead. It added that the short term holders’ accumulation backed the recent crypto relief rally as the long term holders chose to stay out of it.

Bitcoin On chain charts depicts increased selling by short term holder. While exchange inflow done by the 1-3 months holders reached the highest value recorded since June 2022. The crypto market is registering a surge in the outflow dollar backed stablecoins from exchanges. Read More Crypto News Here…

This metric suggests that the market now cannot support the further price surge and will probably lead to another price decrease. Keeping the technical analysis of major digital assets like Ethereum (ETH) and Binance shows bearish and pre bearish signals.

The report stats that the Ethereum technical chart shows a negative divergence going below the resistance level. Bitcoin, Ethereum, and BNB makes up around 65% of the cumulative market cap. BTC and ETH prices have already dropped by more than 4%. The cumulative market cap declined by also 4% to stand at $1.03 trillion.