The recent sell-off came amid the collapse of Silvergate, a cryptocurrency-friendly bank whose shares took a massive 50% hit and reached an all-time low. The implosion sent shockwaves across the cryptocurrency ecosystem, with major players, such as Coinbase, scrambling to sever ties with the embattled bank.
Blikre's warning of a potential crash to $13,000 comes amidst $210.14 million in crypto liquidations over the past 24 hours, with long positions accounting for 96.78% of the total. After the recent crash, the world's largest cryptocurrency is trading at the $22,300 level on major spot exchanges. It remains to be seen whether Bitcoin will recover from this latest setback or if it will continue to decline.
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