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Crypto Industry News:
Since the beginning of 2023, all reports about the Silvergate bank have been based only on negative information. The colossal losses in the last quarter of last year, numerous lawsuits from investors, an investigation by the US Department of Justice, the loss of key partners and a drop in stock prices finally led to what was inevitable.
Silvergate Capital announced its liquidation on Wednesday. Right after New York's Singature Bank, the company was the second largest institution of this type for entities from the cryptocurrency sector. Up to a point, Silvergate's biggest client was the FTX exchange, which collapsed unexpectedly last November. This event greatly damaged the image of this industry in the media and led to the loss of investor confidence in trust institutions.
"In light of recent industry and regulatory developments, Silvergate believes that an orderly liquidation of the Bank's operations and a voluntary liquidation of the Bank is the best way forward," the company's statement read.
Silvergate has announced that all customer deposits will be fully repaid. This is a key element of their planned liquidation. However, the company did not explain exactly how it intends to settle accounts with investors.
Last week, the cryptocurrency bank suspended the Silvergate Exchange Network service. It was a key product in their offer that attracted companies from the digital asset sector. Thanks to the Silvergate network, customers could make transactions in real time.
Furthermore, the announcement of Silvergate's liquidation states that all other escrow services remain active. The company will contact customers as needed as a result of changes in this matter.
Technical Market Outlook:
The BTC/USD pair has made another swing low in the last 24h as the bears broken below the key technical support seen at the level of $21,429 (13th Feb low). The new low was made at the level of $19,800 (at the time of writing the article). The intraday technical resistance is seen at the level of $21,429. The negative bearish divergence on the daily time frame chart between the price and the momentum oscillator supports the bearish outlook for BTC in the coming days, however, the extremely oversold market conditions might indicate a possibility of a bounce towards the technical resistance in order to test it. The next target for bears is seen at the level of $18,360.
Weekly Pivot Points:
WR3 - $22,812
WR2 - $22,582
WR1 - $22,470
Weekly Pivot - $22,352
WS1 - $22,240
WS2 - $22,122
WS3 - $21,892
Trading Outlook:
Despite the recent rally, the down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The gamechanging level for bulls is located at $25,442 and it must be clearly violated for a valid breakout in the longer term.
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