Bitcoin loses 21k support, as contagion from Silvergate enters banks, financials sector

Quick Take

• Bitcoin lost $21,000 as support and is over 5% down today
• This comes after news of Silvergate halting operations.
• Contagion spreading into the banking and financials sector of the economy, with banks particularly seeing a heavy red day.
• SVB Financial Group (SIVB) is down 65%, and trading has been halted on the main exchange several times.
• Vix is above 21, while Nasdaq, S&P, and DXY are in the red for today
• However, Gold is up 1% today

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