Bitcoin is struggling to maintain the $20,000 support level amid concerns over the contagion effect of the financial crisis at Silicon Valley Bank (SVB). The crypto asset dipped to $19,569 on Bitstamp as SVB Financial saw another 60% wiped off its stock price, leading to knock-on effects for non-US banks. Cointelegraph contributor Michaël van de Poppe suggested that the situation resembled 2008, and he eyed levels as low as $18,000 for a potential long entry. Meanwhile, commentators predict that the crisis could force the Federal Reserve to abandon its monetary tightening and "pivot" on interest rate hikes.
submitted by /u/MrDamonKelly