Bitcoin bulls are increasingly struggling to keep the price of bitcoin above $20,000 as support continues to falter amid the fallout from SVB Financial. With price targets now extending to $18,000, the future of bitcoin remains uncertain.
SVB is the seventh largest bank in the US, and is one of the leading lenders to the crypto industry.
BTC/USD opened the session at $19,915, but quickly fell to a low of $19,569. The pair has since recovered somewhat, and is currently trading at $19,890.
As fears of contagion from the SVB Financial crisis mount, trader targets $18,000 BTC price.
In a move that mimicked crypto exchange banking partner Silvergate, SVB also began to spark knock-on effects for non-United States 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 on the markets. It’s 2008 all over again,” he summarized.
With that, U.S. equities started the March 10 session in the red as nerdy headlines about which bank was next to feel the heat from the crypto industry dominated market chatter.