These Two Catalysts Can Crash the Crypto Market This Month!
The crypto market has recorded bearish sentiment in the past 24 hours, with Bitcoin and Ethereum prices down 5 percent. With the top two digital assets on a bearish trend, the entire altcoin industry is expected to record more selling pressure during the weekend.
According to the latest crypto price oracles, the total digital assets’ market capitalization stands at around $1.07 trillion on Friday, down approximately 4.5 percent in the past 24 hours.
The sudden cryptocurrency crash is partially fueled by the Silvergate Capital Corp. collapse, whereby the bank’s shares dropped over 57 percent on Thursday. According to on-chain analytics firm Santiment, Silvergate Capital withdrew 312M $USDC from Circle and transferred to exchanges during the past few hours. Notably, cryptocurrency exchange Coinbase Global announced that it would no longer accept or initiate payments to or from Silvergate.
As more cryptocurrency traders fear the repercussions of the Silvergate Capital collapse, the crypto market could continue dipping during the weekend.
Analysts Identify More Catalyst That Could Send Crypto Prices Lower
According to a recent YouTube post by altcoin daily titled “‘people are panicking’ Bitcoin Ethereum massive unlock,” there are far more pressing issues the crypto market should be concerned with. At the top list is the recent announcement by the United States Securities and Exchange Commission that crypto staking is unregistered security. Notably, the SEC charged cryptocurrency exchange Kraken with providing unregistered securities through its staking program.
The second big catalyst that could send crypto prices much lower is the Mt.Gox Bitcoin unlock and the Ethereum staking withdrawal that comes with the upcoming Shanghai upgrade. As Elon Musk has predicted, Bitcoin will make it, but the crypto winter will be long.
