Bitcoin Price and Ethereum Prediction: BTC and ETH Take a 5% Dive, but How Low Can They Go?

cryptonews.com:

The cryptocurrency market has taken a hit as both Bitcoin (BTC) and Ethereum (ETH) experience a 5% dip in their value. As the two largest cryptocurrencies by market cap, this downward trend has left many wondering how low BTC and ETH can go.

Bitcoin (BTC) prices have experienced a significant drop, falling over 5% from $23,500 to $22,240 in recent hours. Similarly, Ethereum, the second most valuable cryptocurrency, has also plummeted by over 5%. This decline has resulted in a loss of approximately $22 billion from Bitcoin's total market value, which currently stands at $430.9 billion.

The ongoing fallout of Silvergate Bank may be the reason for the sharp decline in BTC's value, as it has heightened uncertainty surrounding the fiat on-and-off ramp. In addition, US authorities seek to sever more financial ties between cryptocurrency firms and FDIC-insured institutions, which is also seen as a significant factor in the drop in Bitcoin's value.

The losses in BTC prices were also bolstered by growing concerns about interest rate hikes. The global crypto markets have been experiencing a decline due to a series of positive US economic data, which signals that the Federal Reserve may need to raise interest rates higher and for a longer duration. 

As a result, the crypto markets have been flashing red, contributing to the drop in BTC prices.

As previously mentioned, BTC's price has experienced a significant drop of 5% in recent hours, resulting in a $22 billion reduction in its market capitalization. The concern surrounding the crypto-friendly bank, Silvergate Capital, has contributed to the fall in Bitcoin's price from $23,500 to $22,240.

Markus Thielen, the head of research at digital asset exchange Matrixport, suggests that the