{"id":558639,"date":"2023-03-02T18:43:57","date_gmt":"2023-03-02T15:43:57","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-risks-23k-rerun-as-coinbase-stock-falls-over-silvergate\/"},"modified":"2023-03-02T18:43:57","modified_gmt":"2023-03-02T15:43:57","slug":"bitcoin-price-risks-23k-rerun-as-coinbase-stock-falls-over-silvergate","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-risks-23k-rerun-as-coinbase-stock-falls-over-silvergate\/","title":{"rendered":"# Bitcoin price risks $23K rerun as Coinbase stock falls over Silvergate"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a309f1a202fe\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a309f1a202fe\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-risks-23k-rerun-as-coinbase-stock-falls-over-silvergate\/#%E2%80%9D_Bitcoin_price_risks_23K_rerun_as_Coinbase_stock_falls_over_Silvergate_%E2%80%9C\" >&#8221; Bitcoin price risks $23K rerun as Coinbase stock falls over Silvergate &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-risks-23k-rerun-as-coinbase-stock-falls-over-silvergate\/#BTC_price_avoids_Silvergate_Coinbase_stock_slip\" >BTC price avoids Silvergate, Coinbase stock slip<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-risks-23k-rerun-as-coinbase-stock-falls-over-silvergate\/#Inflation_reports_disappointing_for_risk_assets\" >Inflation reports disappointing for risk assets<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_price_risks_23K_rerun_as_Coinbase_stock_falls_over_Silvergate_%E2%80%9C\"><\/span>&#8221; Bitcoin price risks $23K rerun as Coinbase stock falls over Silvergate &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-48054ca8>Bitcoin (BTC) erased early-month gains on March 2 as fresh market uncertainty erupted over solvency of crypto bank Silvergate.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/1ab130e5-963c-43bf-ad7c-7e6fe8f72e04.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_avoids_Silvergate_Coinbase_stock_slip\"><\/span>BTC price avoids Silvergate, Coinbase stock slip<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a>\u00a0showed BTC\/USD hitting $23,206 on Bitstamp, down around 1.5% on the day.<\/p>\n<p>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 &#8220;an abundance of caution.&#8221;<\/p>\n<p>Silvergate had suffered as a result of the FTX implosion, delaying its 10-K report this week and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1312109\/000110465923027353\/tm238251d1_nt10k.htm\">warning<\/a> that it could be &#8220;less than well capitalized.&#8221;\u00a0<\/p>\n<p>The shares of parent company Silvergate Capital were down 40% on the day at the time of writing.<\/p>\n<p>Coinbase also felt the pressure, with Coinbase Global (COIN) shares losing 9.65%, with BTC price action itself nonetheless avoiding major knock-on losses.<\/p>\n<p>&#8220;Silvergate potentially going bankrupt, pushing prices down a bit more. On the other hand; people piling into positions since the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> and no real movement on Bitcoin,&#8221; Cointelegraph contributor\u00a0Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1631310081731055616?s=20\">reacted<\/a>. <\/p>\n<blockquote><p>&#8220;This might be an assumption people are heavily skewed to the short side here. Time for a squeeze.&#8221;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1631310081731055616\"><\/a><\/p><\/blockquote>\n<p>Popular trader and analyst Stack Hodler had a similar view, suggesting that current events should not form a reflect on Bitcoin itself.<\/p>\n<p>&#8220;Coinbase, Silvergate, Bank of America, and the Federal Reserve could all implode overnight and it wouldn&#8217;t change the number of Sats I hold in cold storage,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/stackhodler\/status\/1631289370589249541?s=20\">told<\/a> <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> followers. <\/p>\n<blockquote><p>&#8220;The beauty of holding #Bitcoin without counter-party risk.&#8221;<\/p><\/blockquote>\n<p>Focusing on immediate price performance, however, others were in risk-off mode, looking for a reclaim of higher levels before considering long positions.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a><\/p>\n<p>Keep it simple..<\/p>\n<p>4HR close \/ acceptance above 23.8K could re-ignite bullish momentum. Until then, I wouldn&#8217;t be looking at any local longs. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Yy1EiZ5vx1\">pic.twitter.com\/Yy1EiZ5vx1<\/a><\/p>\n<p>\u2014 Crypto Chase (@Crypto_Chase) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Crypto_Chase\/status\/1631309876470198273?ref_src=twsrc%5Etfw\">March 2, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&#8220;Finding resistance at a logical place- still think a visit to the ltf support (green line) makes the most sense on low time frames before we decide which direction to go in,&#8221; a slightly more bullish Credible Crypto <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CredibleCrypto\/status\/1631203147552276481\/photo\/1\">forecast<\/a> alongside a chart with target areas.<\/p>\n<blockquote><p>&#8220;I will also add that until\/unless we break the lows at $21,373 I lean bullish (green path).&#8221;<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/d8c5d9fa-c7d4-48f9-88d4-9cf8170dc5e1.jpeg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart. Source: Credible Crypto\/ Twitter<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Inflation_reports_disappointing_for_risk_assets\"><\/span>Inflation reports disappointing for risk assets<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Another point of concern came from macroeconomic data on the day, this showing inflation remaining more persistent than hoped for by central banks.<\/p>\n<p><strong><em>Related:\u00a03 BTC price hurdles Bitcoin bulls are failing to clear in 2023<\/em><\/strong><\/p>\n<p>Both the U.S. and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1631252509875490816\">European Union<\/a> produced unsavory reports, with the former showing unemployment not heating up.<\/p>\n<p>&#8220;Initial Jobless &amp; Continuing Jobless Claims came in cooler than expected,&#8221; Keith Alan, co-founder of monitoring resource Material Indicators, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/KAProductions\/status\/1631309620181336071\">summarized<\/a>, arguing that the Federal Reserve and Chairman Jerome Powell may now have an additional incentive to keep interest rates climbing &#8211; a key headwind for crypto and risk assets. <\/p>\n<blockquote><p>&#8220;This is the exact opposite of what the FED wants to see to tame inflation. IMO, this is going to strengthen JPow&#8217;s\u00a0resolve to go higher for longer. Remember Higher and Longer are both on a sliding scale.&#8221;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/KAProductions\/status\/1631309620181336071\/photo\/1\"><\/a><\/p><\/blockquote>\n<p>According to CME Group&#8217;s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\">FedWatch Tool<\/a>, bets on a larger rate hike in March than in February stood at 32% after the jobless claims data.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/6a291d43-199e-42be-86ac-cc337f56ef38.png\"><figcaption style=\"text-align: center;\"><em>Fed target rate probabilities chart. Source: CME Group<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-risks-23k-rerun-as-coinbase-stock-falls-over-silvergate\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin price risks $23K rerun as Coinbase stock falls over Silvergate &#8220; Bitcoin (BTC) erased early-month gains on March 2 as fresh market uncertainty erupted over solvency of crypto bank Silvergate. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price avoids Silvergate, Coinbase stock slip Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD hitting&#8230;<\/p>\n","protected":false},"author":1,"featured_media":558640,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/e9c5909c-74dd-4d77-9cd0-08adf4393110.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74956,70551,73785],"class_list":["post-558639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-coinbase","tag-inflation","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/558639","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=558639"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/558639\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/558640"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=558639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=558639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=558639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}