Bitcoin (BTC) struggled to reclaim $20,000 support at the March 10 Wall Street open as fears mounted over Silicon Valley Bank (SVB) contagion.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader targets $18,000 BTC price
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it nursed fresh losses, reaching $19,569 on Bitstamp.
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The pair had seen further downside prior to the open as embattled SVB Financial saw another 60% wiped off its stock price.
In a move that mimicked crypto exchange banking partner Silvergate, SVB also began to spark knock-on effects for non-U.S. banks on the day.
For Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, the writing was on the wall.
“First it was Silvergate, then Silicon Valley Bank and now First Republic Bank. All sinking massively
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