The value of #BTC has been on a decline since yesterday, but there has been a further breakdown in just a few hours, resulting in a total of $250 million in liquidations in the last 24 hours. This decline was expected after Circle withdrew $312 million USDC and transferred it to crypto exchanges.
Moreover, Silvergate has postponed filing their financial report, which suggests that the bank may file for bankruptcy soon. In response, Coinbase tweeted that they will no longer accept or initiate payments with Silvergate Bank. As a result, more than 10 million USDC were withdrawn from Circle and transferred to exchanges.
Furthermore, Mt Gox is expected to unlock and repay billions of dollars worth of Bitcoins by March 10th, which is likely to bring significant selling pressure as soon as they are released into the market.
