Bitcoin slipped below the $22,000 support line in morning trading in Asia. Ether and other major cryptos lost ground after US crypto bank Silvergate said it was going into voluntary liquidation.
The bank has been on the brink of insolvency for a long time and became another major victim of the collapse of the FTX exchange last year.
Solana was at its lowest point among the top 10 cryptos by market capitalization, and the total industry capitalization fell below $1 trillion. US stocks closed mixed on Wednesday, worried by the prospect of higher interest rates this year than expected by experts.
Bitcoin was down 2.35% in the last 24 hours to $21,729 by 09:00 AM in Hong Kong, bringing its losses to 8.07% in the last seven days. However, the largest mark in market capitalization is still over 30% for the year, after a strong start to 2023, after last year’s decline amid the crypto industry’s bankruptcies and tensions.
Ether, the second-largest crypto, was down 1.99% at $1,535, bringing its weekly loss to 7.54%. However, like Bitcoin, it maintains gains for the year, up 28%.
Solana, XRP, Shiba
Solana led the low-performing cryptos, falling 8.86% to $18.49, recording a one-week loss of 17.49%.
XRP continued its uptrend despite Silvergate Bank’s woes in the big market, rising 2.69%. The token has gained 2.50% in one week.
Shiba Inu retreated 0.55% in the last 24 hours but still overtook Litecoin as the 10th largest volatile cryptocurrency by market capitalization. The price of the meme token rose briefly on Wednesday after it was announced that Shibarium – a Shiba Inu layer-2 blockchain for Web3 and games – would launch its beta version soon.
Silvergate Capital has announced plans to suspend its operations and liquidate California-based lender Silvergate Bank, which has been serving the crypto industry, due to mounting financial losses and a regulatory investigation.
The total capitalization of the crypto market retreated by 2.26% in the last 24 hours to $995.70 billion. The total trading volume in the last 24 hours fell by 0.43% to 44.50 billion USD.
US stocks traded mixed on Tuesday. The Dow Jones Industrial Average closed down 0.18%, the S&P 500 rose 0.14%, and the Nasdaq Composite Index added 0.42%.
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