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“Silvergate is one of several factors in bitcoin’s underside test,” Joe DiPasquale, CEO of crypto fund manager BitBull Capital, wrote in an email to CoinDesk. “In addition to Silvergate, there is market concern of greater interest rate hikes by the [Federal Open Market Committee] and softening stock market prices. The [Securities and Exchange Commission] also shows increasing scrutiny of crypto. Taken together, the market has continued to tighten and retest support levels.”
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