Major coins traded in the red on Thursday evening as the cryptocurrency market experienced intense sell-off pressure in response to news of troubles at Silvergate Capital Corp. 

What Happened: Apex cryptocurrency Bitcoin (CRYPTO: BTC) was trading below $23,000 after a volatile trading session. 

Ethereum (CRYPTO: ETH) was exchanging hands below  $1,600. Dogecoin (CRYPTO: DOGE) was trading at $0.078, down 3.81% in the last 24 hours. 

At the time of writing, the global crypto market capitalization stood at $1.05 trillion, a decrease of 2.02% over the last day.

In the past 24 hours, 81,843 traders were liquidated, accounting for $240.78 million worth of liquidations, according to CoinGlass Data. 

U.S. equities rose Thursday as traders shrugged off concerns about the Federal Reserve's impending interest rate increase. The S&P 500 gained 0.76% while the Nasdaq Composite added 0.73%.

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MicroStrategy Inc (NASDAQ:MSTR) clarified its status with Silvergate Capital, confirming that it has no assets in custody with the bank and that its only connection is a commitment to repay a loan in 2025.

Crypto analyst Michaël van de Poppe warned that Silvergate might be headed for bankruptcy, pushing prices down a bit further. “People are piling into positions since the news and no real movement on Bitcoin. This might be an assumption people are heavily skewed to the short side here. Time for a squeeze,” the analyst said.

Analyst CrediBULL Crypto said that Bitcoin dropped to the long-term support level as expected. “Now bulls have to make a stand here. If they fail to, then my downside target will be met sooner rather than later.”

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