According to CryptoSlate data, the crypto market plunged at 12:00 UTC on March 3rd. Bitcoin (BTC) price has fallen more than 5% from around $23,418 to $22,163. Most of the drop occurred within an hour as the BTC price dropped over $1,000 in seconds.
The price of the second largest cryptocurrency likewise fell 5.4% from around $1,643 to $1,554.
Many other cryptocurrencies also suffered losses as Dogecoin (DOGE) fell 5.8% over the past 24 hours while Cardano (ADA) and XRP (XRP) fell 3.78% and 2.73% respectively.
According to Coinglass, the drop in cryptocurrency prices has resulted in more than $251 million in liquidations in the last 24 hours. Most of it was triggered after the price crash. data.
Data shows that Binance had the most liquidations in the last 24 hours with around $90 million. OKX is second closest to him, the day before he had a liquidation of $75.83 million.
Coinglass data showed that $222 million worth of long positions were liquidated, while short positions accounted for just over 8% of total liquidations over the past 24 hours.
The total Ethereum (ETH) position liquidated over the past day was $49.24 million. According to Coinglass, BTC liquidation amounted to $84.06 million.
Cause of depression
Cryptocurrency bank Silvergate, which is owned by Silvergate Capital Corporation, has seen its share price drop 49% following the announcement that it would delay annual reporting to the Securities and Exchange Commission. The company said it needed more time to complete the audit.
Silvergate Bank said it may file for bankruptcy following a large sale. Nor can you pay off your debts. Many companies such as Coinbase, Circle, Paxos disconnected All connections with troubled banks.
About the Crypto Market, Sora Ventures CEO Jason Fang He told CryptoSlate:
Obviously, with the current turmoil surrounding Silvergate and Binance, we still think the market is not outright bullish, but there are some specific sectors that outperform every time the market crashes. It’s L2, LSD, zk rollup, the story is different every time so it’s definitely worth watching the market during these downturns and it’s a good indicator to watch what sectors smart money is betting on I believe there is.
FxPro Senior Market Analyst Alex Kupzikevic believes the crypto market has fallen in reaction to the uncertain future of Silvergate.he said Crypto Slate:
“The plunge into the sector came as the market reacted to a possible bankruptcy of Silvergate. I did.”
Kupzikevic said Bitcoin’s price fell below the 50-day moving average, saying, “This signal can only be trusted at the end of the day, but this doesn’t bode well for the short-term outlook.”
He added that market sentiment was “moderately positive”, supporting a “buy dip” mood.many twitter users claimed I bought bitcoin and took advantage of the price drop.
However, many investors panicked and, according to Kuptsikevich, feared that the Silvergate crisis would soon escalate to FTX levels.
In the wake of recent events, investors Andy Liang He told CryptoSlate:
“Silvergate Bank share price falls more than 50% to record low after announcing a book review by its auditors and warning of several headwinds. Coinbase, Circle, Paxos, Crypto.com, Most of the bank’s crypto-friendly industry clients, including Galaxy and Gemini, have halted all transactions with the bank, with the bank’s customers leaving less than a day after the audit review was announced. It is reported to have happened in the nick of time.
This means that it is now difficult for cryptocurrency companies to maintain relationships with US banks. Many institutional investors are unable to trade large amounts of cryptocurrencies until they find safer workarounds. As we speak, I know that some of my friends are transferring funds from several banks in Puerto Rico.
There will be a big void in the short term. I know many cryptocurrency organizations are now looking for offshore solutions and more adventurous organizations are moving to Asia to run their trading desks. ”
Many analysts argue that the recent drop is a signal that the BTC price will continue to fall, but some are more optimistic. Quantum Economics CEO Matty Greenspan He told CryptoSlate:
“Bitcoin and cryptocurrencies are having their strongest year ever, including yesterday’s plunge. The long-term chat remains bullish with no major support lines broken.”
