Bitcoin fell below the $20,000 level for the first time since January, as markets continued to react to the liquidation of Silvergate Bank. This comes ahead of a fundamental US Nonfarm Payrolls report, which could decide how aggressive the Federal Reserve is at its next meeting. Ethereum moved below $1,400 in today’s session.
Bitcoin
bitcoin (BTC) fell for the fifth session in a row on Thursday as markets continued to react to the liquidation of Silvergate Bank.
The bank confirmed that it will shut down its operations, prompting US Senator Elizabeth Warren to blame cryptocurrencies as a whole.
As such, less than 24 hours after hitting $21,796.12, BTC/USD fell to an intraday low of $19,669.92 today.
The drop in price brought Bitcoin to its weakest point since January 13, when it bottomed out at $18,714.
Another catalyst for the selloff was the 14-day RSI, which fell below a key bottom at the 32.00 mark.
As of this writing, the index stands at 26.11, which is in oversold territory and the lowest reading on price strength since November 9.
Ethereal
ethereal (ETH) was also significantly lower in the Friday session, with market volatility also higher due to this afternoon’s Non-Farm Payrolls report.
An estimated 205,000 jobs were added to the US economy last month, down from January’s total of 517,000.
The drop could act as a positive overall, as the Federal Reserve could raise rates less aggressively depending on the outcome.
ETH/USD fell to an early session low of $1,378.53, which comes a day after trading as high as $1,543.69.
In general, ETH it is now down nearly 10% in the past week, with today’s drop sending the price to its weakest since mid-January.
The RSI now sits at 28.30 as a result of this sell-off, which is its weakest point since last June.
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Will a weak nonfarm payrolls number help push up cryptocurrency prices? Leave your thoughts in the comments below.
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