29. March 2023

• This article discusses the impact of news from Silvergate Bank and FTX on the cryptocurrency market. Prices of Bitcoin, Ethereum, Binance Coin, XRP, Cardano, Dogecoin, Matic Network, Solana, Polkadot and Litecoin are analyzed.
• The news from Silvergate Bank caused a knee-jerk reaction in the markets but downside may be limited if contagion does not spread. There is also positive sentiment due to US equities attempting a recovery.
• Important levels on the downside that may act as support for Bitcoin and major altcoins are discussed.


This article analyzes the price movements of Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), XRP (XRP), Cardano (ADA), Dogecoin (DOGE), Matic Network (MATIC), Solana (SOL), Polkadot (DOT) and Litecoin (LTC) in light of recent news from Silvergate Bank and FTX.

Silvergate Bank News

Silvergate Banks’ ongoing issues have caused some concern this week after they announced they needed additional time to file their annual 10-K report and warned that it might not make it another 12 months. Several cryptocurrency companies have responded by reducing or cancelling their partnerships with Silvergate Bank leading to a knee-jerk reaction in the markets.

US Equities Recovery

The United States equities markets are currently attempting a recovery which suggests traders continue to add risk to their portfolios at lower levels creating a risk-on sentiment that could limit any further downside in Bitcoin and selected altcoins.

Important Support Levels

It is important to identify important support levels on the downside that could start a recovery if broken. For Bitcoin these include $22800 followed by $21480 which buyers will fight hard to protect against breaking as it could lead to testing psychologically important level of $20000 again.


Overall, while news from Silvergate Bank has had an effect on cryptocurrency prices there remains potential for further upside should contagion not spread significantly; supported by US equities trying to recover from recent losses. It is crucial for investors to identify important support levels on the downside that may start a rebound if broken so they can take advantage of any possible opportunities that arise through volatility..