Overview of the Latest Developments

• Over $62 million in long BTC positions were liquidated in a matter of hours.
• This was the third liquidation cascade within the last 12 months.
• Bitcoin price dropped to around $22,000 in a very short time.

How to Proceed Now?

Forecasts are extremely difficult as some talk of an oversell while other investors see a potential for a new entry with positive signs on the US stock market. Analysts see both positives and negatives that can affect price and investors should follow developments closely and adjust their investment decisions accordingly.

Correction with a Short Shock?

Despite the recent price correction and negative headlines, the fundamentals of Bitcoin network remain stable as its hash rate continues to rise and active addresses on the network have also increased significantly.

Investment Advice for New Investors

For new investors in the crypto market, it is advised to invest with Bitcoin shares rather than larger amounts of money with whole Bitcoins due to volatility of markets.

Conclusion

The situation for Bitcoin course will remain uncertain in the coming weeks and months so it is important for investors to stay updated on all developments related to markets, networks and prices before they make any decisions regarding their investments.

CryptoUnity Exchange

• CryptoUnity is an exchange that seeks to make it easier for beginners to navigate the crypto ecosystem.
• It uses a cold wallet with an NFC card and partners with Lenovo, while also passing audits by QuilAudits and CertiK.
• The CUT token powers the CryptoUnity ecosystem and provides holders with many benefits including lower fees, rewards, and access to presales.

User-Friendly Interface

CryptoUnity is targeting beginners in the crypto ecosystem by providing a user-friendly interface and comprehensive educational resources. The goal of the exchange is to close the gap for those who are new to cryptocurrencies and make the world of crypto more accessible. To ensure safety and transparency, CryptoUnity implements a cold wallet with an NFC card and passes audits by QuilAudits and CertiK.

CUT Token

The CUT token is the utility token that powers the CryptoUnity ecosystem. It has a total supply of one billion tokens which provide holders with many different benefits such as lower fees, rewards, access to presales, airdrops, holder rewards, giveaways advantages and much more.

Partnership With Lenovo

CryptoUnity has partnered with Lenovo, one of the leading tech companies in the world, as part of its efforts for safety assurance. This partnership serves as a positive for both parties involved as it allows CryptoUnity users to store their funds securely while also giving Lenovo access to blockchain technology applications on their own platform.

CertiK KYC Gold Badge

To demonstrate its commitment towards transparency and accountability within the cryptocurrency space, CryptoUnity has received a CertiK KYC Gold badge after passing all necessary audits conducted by QuilAudits and CertiK. This badge means that members of its core team have provided verifiable background information at its highest level thus ensuring trustworthiness within its operations.

• Bitcoin price fell below $20,000 after its biggest dump since November 2022
• The selloff was largely fueled by negative news, including the New York Attorney General suing KuCoin over offering of unregistered securities and Ethereum being named as one of the securities
• Other factors that likely contributed to the selloff include news of crypto bank Silvergate winding down, a potential US tax on Bitcoin mining, and security breaches on Hedera and Huobi Token

Bitcoin Price Drops Below $20K

Bitcoin price fell below $20,000 after its biggest dump since November 2022. The top crypto asset by market cap dumped amid broader selloff for cryptocurrencies, largely fueled by negative news.

Factors Contributing to Sell-Off

The negative news was compounded by the fact that the lawsuit identified Ethereum as one of the securities. Further downward pressure came from reports that crypto bank Silvergate was winding down and that the US was targeting a new tax on Bitcoin mining. Huobi Token’s flash crash and a security breach on Hedera also added to the broader market bloodbath.

Impact on Crypto Market

As a result of this confluence of negative triggers, stocks and cryptocurrencies have shed over $2 trillion in market cap over th past 24 hours. Ethereum price plunged to lows of $1,375 (down 9.8% at time of writing). Bitcoin dropped nearly 10% in past 24 hours with value falling to lows of $19,569 on cryptocurrency exchange Bitstamp.

Analysis from Crypto Analyst

Crypto analyst Miles Deutscher highlighted this confluence of negative triggers which could yet catalyse further losses for cryptos. He noted that stocks and cryptocurrencies have shed over $2 trillion in market cap over th past 24 hours due to these factors.

Conclusion

Overall, today’s selling pressure for cryptocurrencies comes after several pieces of bad news related to exchanges and taxes sparked a major selloff across markets with Bitcoin breaking below psychological support zone of $20 000 for first time since early January 2021.

• Silvergate Bank recently filed that losses might leave it with less capital than it needs, leading to the suspension of its SEN Platform.
• Coinbase, Galaxy, and Paxos have stopped accepting transfers via Silvergate Network.
• USDC stablecoin issuer Circle has moved its USDC reserve deposits out of Silvergate Bank to other banks as the bank’s woes deepen.

Silvergate Bank Troubles

Silvergate Bank in a filing on Wednesday said losses might leave it with less capital than it needs. The bank recently closed its SEN Platform which institutions used to move money to crypto exchanges. Coinbase, Galaxy, and Paxos have stopped accepting transfers via Silvergate Network due to the ongoing uncertainty at the bank.

Circle Moves Its USDC Reserve Deposits

USDC stablecoin issuer Circle has today announced that it has moved its USDC reserve deposits out of Silvergate Bank to other banks as the bank’s woes deepen. In the press statement, Circle said that it had made the decision to move the small percentage of USDC it held in Silvergate because of the ongoing uncertainty at the bank.

Protecting Reserve Funds

Circle noted that its top priority is protecting the reserve funds backing USDC even if it meant cutting off ties with Silvergate Bank. Interestingly, Circle started withdrawing its USDC deposits from Silvergate last year as signs of trouble and broader crypto asset risk exposure became increasingly visible on Silvergates end. Circle has maintained that its USDC reserves are held in the Circle Reserve Fund and several well-capitalized US banks. The Circle Reserve Fund holds 80% of the USDC reserves which are reviewed on a monthly basis by Deloitte, a leading audit firm.

Previous Crypto Partners Cut Ties With The Bank

On Wednesday, Silvergate set off alarms with a filing that said losses might leave the bank with less capital than it needs, and that it was evaluating its ability to continue. The bank also suspended preferred stock dividends leading key partners including Paxos Trust Co., Coinbase Global Inc., and Galaxy Digital Holdings Ltd cutting off ties with silver gate . Other crypto firms also decided to stop accepting or making payments through silver gate .The huge exodus of partners threatens silver gates key source of deposits seeing that is was a major cryptocurrency player in U S A .

Conclusion

In conclusion , despite all these setbacks , circle is determined to protect investors funds by moving them from silver gate network into more secure banks for safe keeping .