The Bitcoin (BTC) price has fallen more than 5% from $23,500 to $22,240 in just over 60 minutes, amid a wave of uncertainty over crypto bank Silvergate Capital.
The price crash has wiped out $22 billion of Bitcoin’s total market capitalization, which now stands at $430.9 billion, according to Cointelegraph Markets Pro.
Ethereum (ETH), XRP (XRP), Cardano (ADA), and Polygon (MATIC), and other non-Bitcoin cryptocurrencies have also seen a similar sharp decline.
Bitcoin just dropped $1200 in less than 30 minutes.
— The wolf of all streets (@scottmelker) March 3, 2023
While the cause behind the sharp drop in price to $1,200 is unclear, the drop coincides with the recent controversy surrounding Silvergate Bank and the delayed filing of its 10-K annual financial report.
Several technical analysts on Twitter claimed to have predicted the drop from the $23,000 resistance, however the reasons that caused the drop are unclear.
The last time BTC was priced at $22,250 was on February 15.
The sharp drop comes despite a surge from 2023, with BTC still up 34.8% since it was priced at $16,550 on Jan. 1.
