BTC Drops By 0.20% As Silvergate Shares Plunge

Bitcoin Price Today 6 Jan 2023: The price of Bitcoin falls down after the news of Silvergate laying off employees breaks out. It is down by 0.20% in the last 24 hours.

Bitcoin was trading for 16,878.68 USD at 9:25 pm IST. However, as of writing each BTC token is costing 16,807.73 USD. Trading volume decreases by 14.27% over the last day. The market cap for the crypto is currently at 323.753 billion USD.

Bitcoin has already been going through a tough phase following the crash of FTX and the FED’s rate hike. As per IMF, one-third of the global economy will be in recession this year making the market conditions extremely tough.

The global crypto market cap stands at 815.95 billion USD, a decrease of 0.70% in the last 24 hours. The total crypto market volume is at 37.05 billion USD, a massive fall of 13.94% compared to the previous day.

Source: coinmarketcap

BTC Price In India

If we look in terms of the rupee, the currency of India, each BTC token is selling for 13,89,495.04 lacs.

BTC Price In Singapore

In terms of the currency of Singapore, Singapore dollars, each BTC token is currently costing 22,690.43 Singapore dollars.

BTC Price In UAE

In terms of Dirham, the UAE’s currency, each BTC token stands at 61,684.36 UAE Dirham.

Why is Bitcoin dropping today?

On Thursday, Silvergate, a crypto-focused bank, shares declined over 40%. This comes after the bank released its preliminary last quarter result, which showed huge withdrawals of cryptocurrencies.

According to the bank’s early publication of the last quarter of 2022, there has been a 68% decline in crypto deposits. The bank had to liquidate its debts on the balance sheet to manage the withdrawals. The firm has also announced that it will be laying off its 200 employees, which accounts for almost 40% of its total staff. It also stated that it will be leaving the mortgage warehouse lending sector.

Also read: Silvergate Stock Crashes Nearly 50% As Firm Struggles With Crypto Deposits

Shourya mainly reports on Cryptocurrency Prices, NFTs and Metaverse. Graduated and post graduated in Journalism, she always wanted to be in business field. Connect with her at [email protected] or tweet at Shourya_Jha7

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.