03 Mar 2023 09:07 EET · 4 min read
Bitcoin Price and Ethereum Prediction: BTC and ETH Take a 5% Dive, but How Low Can They Go?
The cryptocurrency market has taken a hit as both Bitcoin (BTC) and Ethereum (ETH) experience a 5% dip in their value. As the two largest cryptocurrencies by market cap, this downward trend has left many wondering how low BTC and ETH can go.
Bitcoin (BTC) prices have experienced a significant drop, falling over 5% from $23,500 to $22,240 in recent hours. Similarly, Ethereum, the second most valuable cryptocurrency, has also plummeted by over 5%. This decline has resulted in a loss of approximately $22 billion from Bitcoin's total market value, which currently stands at $430.9 billion.
#Bitcoin down 5% after a 40% climb to start the year
Bears : pic.twitter.com/RAmQvInC6v
— Mohegan ₿TC 🟠 (@MoheganBTC) March 3, 2023
The ongoing fallout of Silvergate Bank may be the reason for the sharp decline in BTC's value, as it has heightened uncertainty surrounding the fiat on-and-off ramp. In addition, US authorities seek to sever more financial ties between cryptocurrency firms and FDIC-insured institutions, which is also seen as a significant factor in the drop in Bitcoin's valueThe ongoing fallout of Silvergate Bank may be the reason for the sharp decline in BTC's value,
as it has heightened uncertainty surrounding the fiat on-and-off ramp. In addition, US authorities seek to sever more financial ties between cryptocurrency firms and FDIC-insured institutions, which is also seen as a significant factor in the drop in Bitcoin's value.