Crypto Sell-Off: Bitcoin Falls 10%, Banks Suffer, Ethereum Security Claims

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  • Crypto Market Sell Off: Bitcoin has lost around 10% of its value since yesterday and important banks such as Silvergate and Signature Bank have gone under or teeter on the brink.
  • Kucoin Under Fire: The New York attorney general is suing Kucoin for offering securities and commodities illegally.
  • U.S. Government BTC Transfer: The U.S. government has transferred $1 billion in bitcoin recovered from a dark web hack.

Crypto Market Sell Off

Bitcoin has lost around 10% of its value since yesterday and vitally important banks such as Silvergate, Signature Bank, and SVB Financial Group have gone under or are teetering on the brink. As private capital seems unable to provide a solution, a highly dilutive gov’t preferred bailout should be considered.

Kucoin Under Fire

The New York attorney general is suing Kucoin for offering securities and commodities illegally, including ETH which they claim is a security. This could have far-reaching implications in the crypto sector if ETH were to be labeled a security by other authorities as well.

U.S. Government BTC Transfer

The U.S. government has transferred $1 billion in bitcoin recovered from a dark web hack, with 10,000 BTC being transferred to Coinbase and another 41,000 BTC moved to government controlled wallets; this sell-off of these BTC will certainly add more downward price pressure to the market.

61.8 Fibonacci Level

Bitcoin made its way down to $19,600 at time of writing with the 61/8 Fibonacci level at $19,200; given so much selling activity taking place it’s unclear if the price will even stop there when Sunday’s weekly close rolls around..

Disclaimer

This article is provided for informational purposes only and not offered or intended to be used as legal, tax, investment, financial or other advice