Summary of the Article
- Bitcoin (BTC) and Ethereum (ETH) have both dropped to multi-week lows in response to uncertainty surrounding Silvergate.
- BTC/USD slipped to an intraday low of $22,241.78 while ETH/USD dropped below the $1,600 mark.
- The relative strength index (RSI) for both Bitcoin and Ethereum is currently at its lowest point since January 1.
Price Drop in Bitcoin and Ethereum Uncertainty Surrounding Silvergate
Bitcoin (BTC) and Ethereum (ETH) have hit a two week low after crypto markets reacted to fallout surrounding Silvergate. The crypto bank recently announced that it couldn’t file its annual report to the Security and Exchange committee which has caused Binance, Coinbase and other exchanges to halt transactions. As a consequence, BTC/USD slipped to an intraday low of $22,241.78 earlier in the day while ETH/USD moved to a bottom at $1,553.85 earlier in the day. This is significantly lower than Thursday’s high of $23,540.16 for bitcoin and $1,652.43 for ethereum respectively.
Relative Strength Index Lowest Point Since January 1st
The relative strength index (RSI) for both Bitcoin and Ethereum is currently at its lowest point since January 1st due this recent price drop reaction from uncertainty around Silvergate. Both currencies are now trading at their weakest level since Valentines Day on February 14th with BTC’s RSI tracking at 42.91 and ETH’s RSI tracking at 44.51 which is marginally above the next support at 44.00 .