Bitcoin struggles to reclaim $20K support amid fears of Silicon Valley Bank contagion. Trader targets $18K BTC price as bank chaos sparks market turmoil.
The pair had seen further downside prior to the open as embattled SVB Financial saw another 60% wiped off its stock price., SVB also began to spark knock-on effects for non-United States banks on the day.
For Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, the writing was on the wall. “First it was Silvergate, then Silicon Valley Bank and now First Republic Bank. All sinking massively on the markets. It’s 2008 all over again,” heWith that, U.S. equities started the March 10 session in the red as nervous traders waited to see the full extent of the SVB contagion.Barclays DOWN 6.2%
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