“In the past 24 hours, Bitcoin, Ethereum, and other cryptocurrencies dropped in value due to the release of US manufacturing data and uncertainties concerning access to banking services for crypto companies in the US. Furthermore, the fallout of Silvergate has also played a role in the decline. Bitcoin is at its lowest point in about two weeks and is trading below $23,000 at $22,300,” Edul Patel, Co-founder and CEO at Mudrex, said.
Other top tokens were also trading lower on Friday. Litecoin declined by 8%. Dogecoin, Solana, Cardano, and BNB were also trading with cuts. The global cryptocurrency m-cap was trading lower around $1.03 trillion, falling 4.01% in the last 24 hours.
The total volume in DeFi is currently 5.39 billion, 9.78% of the total crypto market 24-hour volume. The volume of all stablecoins is now $50.24 billion, which is 91.11% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $432.63 billion. Bitcoin’s dominance is currently 42.09%, a decrease of 0.23% over the day, according to CoinMarketCap.
“Big crypto-specific development to watch out for is the unfolding of events at Silvergate, as the crypto-friendly bank failed to file its annual report to the SEC, and its stock has come under heavy selling pressure. Markets are watching with bated breath to see if there’s another domino left to fall post the FTX fiasco,” Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch, said.
Rajagopal Menon, Vice President at WazirX, said, “Major market indicators point to a neutral sentiment. The Relative Strength Index (14) sits at 42.82, with a neutral outlook. The Stochastic %K (14, 3, 3) indicates a Neutral outlook at 24.38 and the Average Directional Index (14) at 27.69 indicates Sell.””The MACD Level (12, 26), at 159.87, indicates a Sell. The Stochastic RSI Fast (3, 3, 14, 14) is at 14.28 with a Neutral indicator, while the Williams Percent Range (14) at −89.48 also signals Neutral,” Menon added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12.03 hours, IST on March 03, 2023)
Bitcoin $22,386 -4.51%
Ethereum $1,570 -4.57%
Tether $1 -0.01%
BNB $291.82 -2.46%
XRP $0.3691 -2.74%
Dogecoin $0.07571 -6.41%
Cardano $0.337 -5.34%
Polygon $1.17 -4.10%
Polkadot $6.06 -5.23%
Tron $0.06687 -3.81%
Litecoin $89.21 -8.21%
Shiba Inu $0.00001142 -4.52%
Solana $21.08 -4.08%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)