Silvergate’s Crisis May Mark Bitcoin’s Near-Term Top

Bitcoin

and other cryptocurrencies were little changed Tuesday, stagnating at relatively lower levels as the digital asset space reeled from distress at

Silvergate Capital

Market dynamics suggest that cryptos may have hit their near-term peak and volatility is due.

The price of Bitcoin has been flat over the past 24 hours at around $22,375. While its rally to start the year means the largest digital asset remains up by about one-third in 2023, Bitcoin has left behind its recent peak above $25,000. A sharp selloff last week also put the $23,000 to $24,000 range—which had dominated for much of February—firmly in the rearview, wiping away optimistic traders who were betting on Bitcoin’s rebound into a new bull market after a brutal 2022.