BTC - Why Bitcoin Ethereum and Solana Are Crashing Today
2023-03-10 11:36:41 ET
Cryptocurrencies have had a rough couple of days as word spread that the influential Silicon Valley Bank, which trades under SVB Financial Group (NASDAQ: SIVB) , is facing a liquidity crisis. While this isn't directly a hit to crypto, many venture capital firms use Silicon Valley Bank, so there's a risk of a broader financial impact, which is why cryptocurrencies are down Friday .
As of 10:30 a.m. ET, Bitcoin (CRYPTO: BTC) had fallen by 8.5% over the prior 24 hours, Ethereum (CRYPTO: ETH) had fallen 8.8%, and Solana (CRYPTO: SOL) was down 5.7%. Looking further back, over the past seven days, those cryptocurrencies are down 11.2%, 10.7%, and 18.5% respectively.
The two major events of the past week have been the collapse of Silvergate Capital and the potential collapse of Silicon Valley Bank. Silvergate provided a direct gateway into cryptocurrencies for many wealthy investors and institutions, and even operates many publicly traded funds. But it was seen as a more crypto-specific bank.
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Why Bitcoin, Ethereum, and Solana Are Crashing Today