The worldwide market capitalization of crypto fell by 4% today, putting pressure on the cryptocurrency markets. Ethereum (ETH) dipped below the US$ 1,600 mark. On the other hand, Bitcoin (BTC) slid 4.5% to US$ 22,386. Bitcoin volume increased by 12.56% over the past 24 hours to around $26.01 billion.
Why did Crypto Fell?
“The release of US manufacturing data and lingering doubts over crypto firms’ access to banking services in the US have caused a decline in the value of Bitcoin, Ethereum, and other cryptocurrencies during the last 24 hours. Moreover, the aftermath of Silvergate has contributed to the downturn. Bitcoin is currently selling around $22,300, its lowest price in roughly two weeks, “Mudrex’s co-founder and CEO, Edul Patel, stated.
What about the other top Crypto?
Today’s trade was also down for another popular crypto. Litecoin lost 8% of its value. Additionally, trading with cuts was Dogecoin, Solana, Cardano, and BNB. The market capitalization of all cryptocurrencies worldwide was down roughly $1.03 trillion and down 4.01% over the previous day.
5.39 billion dollars, or 9.78% of the 24-hour volume of the entire crypto market, are now being traded in DeFi. Now, the combined volume of all stablecoins is $50.24 billion, or 91.11% of the 24-hour volume of the whole crypto market.
The largest cryptocurrency in the world by market cap, Bitcoin, was valued at $432.63 billion. According to CoinMarketCap, the dominance of Bitcoin is currently 42.09%, down 0.23% from the previous day.
“The unfolding of events at Silvergate, the crypto-friendly bank that failed to file its annual report with the SEC and whose stock has been subject to intense selling pressure, is a significant crypto-specific development to keep an eye on. Markets are anxiously awaiting the possibility of another domino falling following the FTX debacle, “Head of the CoinSwitch crypto ecosystem, Parth Chaturvedi, stated.
Vice President at WazirX, Rajagopal Menon, said: “The majority of market indicators are neutral. With a neutral view, the Relative Strength Index (14) is at 42.82. At 24,38, the Stochastic%K (14, 3, 3) predicts a Neutral outlook, while the Average Directional Index (14) predicts a Sell at 27,69.”
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