The crypto market has seen a tumultuous time in the past 24 hours as the total market capitalization dropped 1.02% to US$1.07 trillion.[0] The total trading volume also decreased by 12.30% to US$42.65 billion.[1] Bitcoin (BTC) fell 3.22% in the past 24 hours to US$22,827 as of 09:30 a.m. in Hong Kong, according to CoinMarketCap data, extending its weekly loss to 4.78%.[1] Ether decreased 3.19%, settling at US$1,602, representing a 3.33%[1]
The top crypto gainers for the day were Stacks (STX), up by 16.45% to $0.8723, and Solana (SOL), up by 1.44% to $22.89.[2] On the other hand, the top losers were BinaryX (OLD), down by 9.23% to $137.53, and Polygon (MATIC), down by 2.61% to $1.22.[3]
The market is expected to continue its bearish trend in the coming days as investors are concerned with the financial woes of crypto-focused US bank Silvergate Capital Corp. As a result, top crypto exchanges have cut down their collaboration with Silvergate.[4]
Analysts expect Bitcoin to continue its decline and reach the $20,000 mark, liquidating longs at approximately $20,800.[5] Other altcoins such as Dogecoin (DOGE) and Ripple (XRP) are also expected to see a dip in their prices in the near future. Investors should be aware of the risks associated with trading cryptocurrencies and should exercise caution before making any decisions.[6]
0. “Latest Crypto Price: Bitcoin Up 1.06%, Ethereum Gains 2.14%” Outlook India, 27 Feb. 2023, https://www.outlookindia.com/business/latest-crypto-price-bitcoin-up-1-06-ethereum-gains-2-14–news-265720
1. “Bitcoin slides below US$23,000 in broad crypto price slump” Forkast News, 3 Mar. 2023, https://forkast.news/headlines/bitcoin-below-23k-ether-slides-price-slump/
2. “Cryptocurrency Price Today: Most Popular Coins Like Bitcoin, Ethereum Gain As NEM Becomes Biggest Loser” ABP Live, 4 Mar. 2023, https://news.abplive.com/business/crypto/cryptocurrency-price-today-in-india-march-4-check-market-cap-bitcoin-ethereum-merge-dogecoin-solana-litecoin-ripple-xrp-binance-token-qnt-prices-gainer-loser-1586068
3. “Crypto Prices Today: Polygon, Polkadot Slip Over 2%, Meme Crypto Falls Around 1%” CoinGape, 2 Mar. 2023, https://coingape.com/crypto-prices-today-polygon-polkadot-slip-over-2-meme-crypto-falls-around-1
4. “Bitcoin Miners Foresaw Current BTC Plunge, Analyst Says – Here’s What Happened” U.Today, 3 Mar. 2023, https://u.today/bitcoin-miners-foresaw-current-btc-plunge-analyst-says-heres-what-happened
5. “Bitcoin, Ethereum, Dogecoin Rise: Analyst Warns ‘Ugly’ Bond Market Selloff Could Pull Apex Crypto Down To $21.5K …” Investing.com UK, 27 Feb. 2023, https://uk.investing.com/news/stock-market-news/bitcoin-ethereum-dogecoin-rise-analyst-warns-ugly-bond-market-selloff-could-pull-apex-crypto-down-to-215k-2928655
6. “CryptoSlate Daily wMarket Update: Ethereum leads large caps on 24-hour performance” CryptoSlate, 27 Feb. 2023, https://cryptoslate.com/cryptoslate-daily-wmarket-update-ethereum-leads-large-caps-on-24-hour-performance