The cryptocurrency market crashed billions of dollars, happening in about an hour.
Total market capitalization fell more than $60 billion in an hour. Dropped 1.06 trillion dollars at the time of writing.
The cause of today’s massive dumping remains unclear. However, there is a lot of negative news regarding the Silvergate crypto bank.
Bloomberg also alluded to Silvergate’s demise in its crypto market report.
U.S. crypto bank in doubt whether it will be able to resume business on March 2nd? Additionally, shares fell to a record low as key partners severed ties with Silvergate.
Crypto critic “Mr Whale” said that there was definitely a whale that sold and caused the drop. BTC price has returned to mid-February levels.
Over $120,000,000 #Bitcoin longs have just been liquidated in the matter of seconds after 1 mega whale sold.
Maxis always talk about “decentralization” and “store or value”, yet reality is the exact opposite.
– Mr. Whale (@WhaleWire) March 3, 2023
Ethereum dropped to $1,567 during the Asian session this morning. The latest news is that the Shanghai upgrade is delayed until mid-April.
The entire crypto market is a sea of red right now, altcoins hit harder than usual. Larger drops of 6% were recorded on Cardano (ADA), Dogecoin (DOGE), Solana (SOL), Polkadot (DOT) and Shiba Inu (SHIB).
Others, such as Litecoin (LTC), Avalanche (AVAX), Uniswap (UNI) and Chainlink (LINK), suffered losses of more than 8%.
$250,000,000 in Bitcoins and Cryptocurrencies Liquidated When the Market Turns Suddenly