Major Setback in Cryptocurrency Market as Bitcoin and Ethereum Drop Below $23,000 and $1,600 Respectively

The cryptocurrency market suffered a major setback early Friday morning, with both Bitcoin (BTC) and Ethereum (ETH), two of the most well-known cryptocurrencies, dropping below $23,000 and $1,600, respectively. This downturn was triggered by the fallout at Silvergate, a crypto-friendly US bank that is currently being reviewed for its viability. According to Bloomberg, this has had a significant impact on the entire crypto industry, with other popular altcoins such as Dogecoin (DOGE), Ripple (XRP), Litecoin, and Solana (SOL) all experiencing significant losses as well. The DYDX token was hit the hardest, dropping by more than 16 percent in a 24-hour period. As of writing, the global crypto market cap stood at $1.02 trillion, with a 24-hour loss of 4.45 percent.