Bitcoin falls to $22,000 mark, most altcoins lose steam in Silvergate chaos

The last 24 hours saw a drastic change in crypto prices after chaos unfolded around Silvergate Bank and its connection to the bankrupt US FTX exchange came under the scanner. Bitcoin fell 5.12 percent on domestic and international exchanges on Friday, March 3. The cryptocurrency is currently trading at $22,325 (about 18 lakh) — marking a two-week low for the digital asset. Over the last day, the value of BTC has dropped by $1,160 (roughly Rs. 95,520).

Ether plunged 5.25 percent down the price ladder on Friday. The second most valued cryptocurrency is currently trading at $1,568 (roughly 1.29 lakh), according to Gadgets 360 crypto price tracker. In the past 24 hours, ETH lost $78 (roughly Rs. 6,422) from its pricing.

“The Silvergate fallout contributed to this decline. Several other factors have also caused numerous cryptocurrencies to fall in value over the past 24 hours, including the release of US production data and uncertainties over banking access for crypto companies in the US,” Edul Patel, CEO and co-founder of Mudrex told Gadget 360.

Stablecoins like Tether, USD Coin, and Binance USD all posted losses amid the market turmoil.

A number of other altcoins also fell in value, including Binance Coin, Cardano, Polygon, Polkadot, and Litecoin.

Solana has been a particular witness of weak trading sentiment throughout this week. “SOL was down 12 percent after the Solana blockchain experienced another outage,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch, told Gadgets 360.

Only Augur and FLEX reflected tiny gains.

The overall valuation of the crypto market fell 4.45 percent in the last 24 hours. According to CoinMarketCap, the market cap stands at $1.03 trillion (approximately Rs. 84,46,588 crore).

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“As the US bond yield curve inversion continues to point to a recession in the second half of the year, global investors appear to be increasingly de-risking and accumulating cash and short positions in US Treasuries. Although there was a pleasant surprise from China manufacturing data yesterday, the global economic recovery is not over the hill yet,” Chaturvedi added.

“One big crypto-specific development to watch for is the unfolding of events at Silvergate, as the crypto-friendly bank failed to file its annual report with the SEC and its shares have come under heavy selling pressure,” he said. “Markets are watching with bated breath for another domino to fall after the FTX fiasco.”

After facing headwinds in India last year, Xiaomi is poised to face the competition in 2023. What plans does the company have for its broad product portfolio and commitment to “Make in India” in the country? We discuss this and more on Orbital, the Gadgets 360 Podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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