Bitcoin Sees Largest Hourly Drop Since FTX Collapse: Santiment Data

Bitcoin BTC/USD lost 5% within only an hour late on Thursday due to the panic surrounding Silvergate Capital SI followed by an intensive sell-off in the crypto market.

What Happened: According to data analytics firm Santiment, it's been 4 months since Bitcoin saw a 5% or more drop in a single hour. With this streak broken, the recovery of Bitcoin will largely depend on how fearful the market is feeling in the aftermath.

Data from CoinGlass shows that $76 million BTC has been liquidated in the last four hours.

Santiment called the one-hour drop the largest since the FTX collapse. The data analytics firm's social tracker said on Twitter, Discord, Reddit and Telegram displayed mild buy-dip sentiment but nothing revealing panic yet.

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“A quick recovery will be dependent on how much worry the crowd shows, allowing whales to scoop weak-handed coins,” Santiment added. 

Price Action:  At the time of writing, BTC was trading at $22,345, down 5% in the last 24 hours, according to Benzinga Pro. 

Read More: Bitcoin, Ethereum, Dogecoin Slide On Silvergate Panic: Analyst Says 'Time For A Squeeze' As Crypto Market Sees $240M Wipeout