Bitcoin (BTC) remained lower through the weekend as ongoing issues at Silvergate Bank pressured markets.
BTC/USD 1-Day Candlestick Chart (Bitstamp). Source: TradingView
Bad news holds Bitcoin back
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD lingering around $22,350 on March 4th.
The pair had managed to avoid further losses after the initial Silvergate shock wiped out 5% of the spot price in minutes.
However, as US stocks ended the week strong, bitcoin and altcoins continued to be unable to capitalize on what traders typically saw as an opportunity for gains.
“Most global stock indices have now posted higher lows…” popular commentator Tedtalksmacro wrote in part of an overnight update.
“If it weren’t for the Silvergate fears, BTC would be poised to break highs above 25,000 next week.”S&P 500 1-hour candlestick chart. Source: TradingView
Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading company Eight, hoped that a comeback for Bitcoin was yet to come.
“Bitcoin fell from $23,800 to $22,300 while the Nasdaq and S&P made strong jumps. It’s a matter of time before Bitcoin catches up,” he told Twitter followers.
A failed attempt by the US dollar to move higher provided another potential tailwind for crypto that remained untapped as the week’s trading ended.
Silvergate falls to all-time low
Silvergate, meanwhile, halted its institutional fiat settlement arm, the Silvergate Exchange Network (SEN), on March 3 as concerns over bankruptcy continued to mount.
Related: 3 BTC Price Hurdles Bitcoin Bulls Can’t Clear in 2023
While some suggested alternatives to exchange, others regretted the bank’s demise and hoped the situation would improve.
Bitcoin advocate Nic Carter said he’s “always respected Silvergate for being uncompromising about crypto when virtually nobody else was.”
“Sad to see their current predicament, I hope they make it over the other side,” he added.
Silvergate Capital (SI) stock ended the week at record lows, trading below $5 at times. At its peak during Bitcoin’s all-time highs in 2021, it traded above $150.
Silvergate Capital (SI) 1-week candlestick chart. Source: TradingView
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