Bitcoin and the crypto market crashed again because of Silvergate

Bitcoin and many top altcoins continue to decline on the latest developments on the situation of Silvergate bank.

Price movement of top cryptocurrencies on the market at 08:00 AM on 09/03/2023. Source: Coin360

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.

4h graph of BTC/USDT pair on Binance exchange at 08:00 AM on 09/03/2023

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.

4h chart of ETH/USDT pair on Binance exchange at 08:00 AM on 09/03/2023

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.

4-hour chart of MATIC/USDT pair on Binance exchange at 08:00 AM on 09/03/2023
4h chart of SOL/USDT pair on Binance exchange at 08:00 AM on 09/03/2023

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%.

Liquidated cryptocurrency value in the last 4 hours, data taken from Coinglass at 08:00 AM on 09/03/2023

Synthetic Kyptos

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