Bitcoin Price Today 6 Jan 2023: BTC Drops By 0.20% As Silvergate Shares Plunge
Bitcoin Price Today 6 January 2023: Bitcoin prices fall following the news about Silvergate’s layoffs. It has fallen by 0.2% in the last 24 hour.
At 9:25 IST, Bitcoin was trading at 16,878.68 US Dollars. Each BTC token currently costs 16,878.68 USD. The trading volume has decreased by 14.27% in the last day. The crypto market cap is currently at 323.753 trillion USD.
Bitcoin has been in a difficult phase since the crash of FTX, and the FED’s rate rise. According to the IMF, the global economy will experience a third recession in the coming year. This will make the market conditions extremely difficult.
The global crypto market cap is at 815.95 Billion USD. This is a decrease by 0.70% over the last 24 hours. The total volume of the crypto market is at 37.05 Billion USD, a dramatic drop of 13.94% compared with the previous day. Source: coinmarketcap
BTC Price in India
Each BTC token sells for 13,89,495.04 Lacs if we consider the rupee, India’s currency.
BTC Price In Singapore
Each BTC token currently costs 22,690.43 Singapore Dollars.
BTC Price in UAE
Each BTC token is worth 61,684.36 UAE Dirham.
Why is Bitcoin falling today?
Silvergate, a crypto-focused banking institution, saw its shares drop by more than 50% on Thursday. This is after the bank published its preliminary last quarter results, which showed large withdrawals of cryptocurrency.
According to the bank’s first quarter 2022 publication, crypto deposits have declined by 68%. To manage the withdrawals, the bank had to liquidate its balance sheet debts. The bank also announced that it would be laying off 200 employees, which account for nearly 40% of its total staff. It also announced that it would be leaving the mortgage warehouse lending industry.
Also read: Silvergate Stock Crashes Nearly 50% as Firm Struggles with Crypto Deposits
About the author
The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.