Bitcoin, Ether Drop Over 5% in Massive Sell-Off as Market Continues to Digest Silvergate

Bitcoin (BTC) and ether (ETH) both dropped more than 5% as customers fled crypto bank Silvergate, whose stock tumbled 58% during U.S. trading Thursday.

Institutions are a bit jumpy as Silvergate seems to be having issues," Nick Ruck of ContentFi, a Web3 venture studio, said in a note to CoinDesk.

Bitcoin’s price fell to an intraday low of $22,020 as Asia trading hours began, after remaining roughly steady at $23,500 for most of the past day.

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