More than $70 billion wiped off crypto market in 24 hours as bitcoin drops 8%

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More than $70 billion wiped off crypto market in 24 hours as bitcoin drops 8% below $20,000

• Bitcoin fell below $20,000 on Friday hitting a near-two month low after a stock market sell-off in the U.S.
  
• Another factor weighing on crypto prices is the collapse of Silvergate Capital, a major lender to the crytpo industry. Silvergate said Wednesday it is winding down operations and liquidating its bank.
  
• Investors are also on edge after tech-focused Silicon Valley Bank said it sold off $21 billion worth of its holdings at a $1.8 billion loss.
  

Bitcoin fell below $20,000 on Friday, hitting a near-two-month low, after a stock market sell-off in the U.S. and the collapse of a crypto-focused lender.

The cryptocurrency market saw more than $70 billion wiped off its value over the course of the 24 hours to 5:12 a.m. ET.

Source: CNBC