Market Continues To Devour Silvergate as Bitcoin, Ether Drop Over 5%

  1. Market Continues to Digest Silvergate as Bitcoin, Ether Drop Over 5%.
  2. Most of the other top 10 cryptocurrencies by market cap experienced decreases.
  3. The market capitalization of bitcoin dropped by nearly $20 billion to $431.9 billion.

According to a  report on March 3 at 9:20 UTC+8, the cryptocurrency market abruptly dropped significantly. BSV drops by 18%, FIL drops by 10%, Ethereum drops by 5%, and Bitcoin drops by 4%. The total network liquidation in one hour tops 170 million U.S. dollars.

This was alleged as a response to investors fleeing cryptocurrency bank Silvergate, whose shares fell 58% on Thursday’s U.S. trading, bitcoin (BTC) and ether (ETH) fell more than 5%. 

Notably, most of the other top 10 cryptocurrencies by market cap experienced decreases comparable to those of BTC and ETH. Silvergate appears to be experiencing problems, according to crypto experts.

In addition, another source of volatility identified by Ruck is the potential release of some of Mt. Gox’s bitcoin, which would raise its available supply. Major cryptocurrency exchange Coinbase suffered damage from the quick sell-off and had connectivity problems at 10:20 a.m. Hong Kong time. Other significant cryptocurrency exchanges like Binance, Bitfinex, Kucoin, OKX, and Kraken did not report similar problems.

Furthermore, after essentially holding steady at $23,500 for the majority of the day, the price of bitcoin dropped to an intraday low of $22,020 as Asia trading hours got underway. After falling to just about $22,400, it recovered slightly. Ether followed a similar trend, dropping from $1,650 to $1,550 after spending the previous day largely unchanged.

According to CoinMarketCap, the market capitalization of bitcoin dropped by nearly $20 billion to $431.9 billion. The total market value of cryptocurrency is $1.07 trillion. Further, interest in bitcoin futures decreased by 8.8% during the past four hours. Ether’s open interest decreased by 5%.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer