Earlier today I noted that it was impressive the bitcoin was down only around 1% despite the wind-down of Silvergate. I spoke too soon.
Bitcoin is now down 6% as it gets sucked lower in the broad rout in risk assets. Technically, the break below the February lows isn’t pretty.
There’s a bit of support at the Jan 18 low of $20,380 and more at the big figure but that isn’t much to put a trade on with.
What has people rattled in the bigger picture is the US financial sector and this is one line of thought:
If you look down the list of names, there’s some west coast pain there. Obviously, Silvergate isn’t taking down the broader market, that’s ridiculous….
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