Bitcoin and many top altcoins continue to decline on the latest developments on the situation of Silvergate bank.
At dawn on March 9, the cryptocurrency market experienced another correction, bringing the prices of top coins to a 1-month low.
Bitcoin (BTC) at one point collapsed to $21,580, the lowest value threshold of this currency since February 13, after it was reported that Silvergate bank could not handle the current difficulties and accepted. accept to voluntarily liquidate assets to pay customers.
Previously, BTC on March 3 had a strong dump once when Silvergate showed an initial crisis signal, as reported by Kyptos.
Ethereum (ETH) also collapsed to $1,523, losing more than $200 in value since peaking at $1,742 on Feb. 15.
Most of the top 20 altcoins at the moment have a drop of 2-5%, except for Solana (SOL) and Polygon (MATIC).
MATIC price at the time of update is down 8.2% to $1.06, while SOL is down 8.7% to $18. Calculated in the last 7 days, both SOL and MATIC have “evaporated” by nearly 15% and 17.5% of their value, respectively. Both SOL and MATIC are the coins with the strongest recovery in the first 2 months of 2023. However, with the latest fluctuations after only a week of the first week of March, SOL and MATIC prices have been pushed back. price range of mid-January.
According to statistics from Coinglassthe volume of orders liquidated in the last 4 hours is not as high as the dumps in the cryptocurrency market when reaching just over 48 million USD, in which the percentage of long orders burned is still overwhelming at 96.4%.
Synthetic Kyptos
