Most of the top-performing crypto coins have turned red and are witnessing double-digit losses. The crypto investors are on a major selling spree and sitting on tight positions, meaning a dip all around.
Bitcoin value has gone up by over 30%, as of this writing, despite increasing pressure on the fractional reserve banking system brought on by rising interest rates that have seen several high profile banks collapse.
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.
As we get closer to welcoming 2023, there is a sense of anxiety amid the crypto community about what's in store for various stakeholders. Will the crypto bellwether, Bitcoin, be able to survive this barrage of brickbats?