Bitcoin and Ethereum Consolidate as Silicon Valley Bank is Acquired

Bullion Bite
Bitcoin and Ethereum Consolidate as Silicon Valley Bank is Acquired

First Citizen Bank's acquisition of Silicon Valley Bank for $16.5 billion at a discounted rate of $72 billion has impacted the cryptocurrency markets, with Bitcoin hovering near the $28,000 level on Monday. Ethereum continued to trade below $1,800. The price of Bitcoin has mostly consolidated, with the 14-day relative strength index reaching a ceiling at the 65.00 level. If the bulls take price strength below this level, BTC may move below $27,000.

Ethereum also consolidated on Monday, moving away from the key price floor in today’s session. The cryptocurrency reached a peak of $1,797.88 earlier in the day, which came after falling to a low of $1,748.44 within the last 24 hours. Ethereum has mostly traded below $1,800 since hitting a seven-month high of $1,861 last Thursday. The 10-day moving average has shifted direction, with upward momentum now fading. Unless some unexpected news moves markets, prices may continue to trend sideways heading into April.

The acquisition of Silicon Valley Bank is expected to have an impact on the cryptocurrency market. The bank is known for its investments in the technology sector, including cryptocurrency firms. The acquisition may lead to increased investments by First Citizen Bank in the technology sector and the development of new financial products, which may boost the adoption of cryptocurrencies.

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