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Crypto Price Today Live: Bitcoin slips below $20k; crypto market cap drops over 6%

New Delhi: The cryptocurrency markets were trading in the red on Friday, with the crypto market cap declining over 6%. Bitcoin (BTC) fell 8.22% to $19,962 whereas Ethereum (ETH) was below the $1,450 level. BTC volume stood at approximately $35.99 billion, rising 65.73% in the last 24 hours.

“The crypto market is feeling the heat from the collapse of pro-crypto Silvergate bank coupled with the hawkish stance taken by the US central bank. The contagion fears from the Silvergate fiasco are keeping the investors on their toes and the crypto community will closely watch the regulatory recourse around the same,” Shivam Thakral, CEO of BuyUcoin, said.

Other top crypto tokens were also trading lower. Tron declined by over 12%. Litecoin, Shiba Inu, Solana and Dogecoin were also trading with losses. The global cryptocurrency market cap was trading lower around $934.23 billion, falling 6.29% in the last 24 hours.

The total volume in DeFi is currently 5.03 billion, 7.6% of the total crypto market 24-hour volume. The volume of all stablecoins is now $60.73 billion, which is 91.83% of the total crypto market 24-hour volume.

The market cap of Bitcoin, the world’s largest cryptocurrency, was around $386 billion. Bitcoin’s dominance is currently 41.39%, a decrease of 0.73% over the day, according to CoinMarketCap.

“Bitcoin slipped to the US$20,000 mark on Thursday, the first time since mid-January. This decline coincided with the announcement from Silvergate, a crypto bank, about liquidating its operations. The fear of higher interest rates could have contributed to the sell-off by traders and investors,” Edul Patel, Co-founder and CEO at Mudrex, said.

Additionally, the upcoming release of US jobs data later in the day might add to the market uncertainty, Edul said.Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch said, “With access to US banking routes getting more difficult for crypto players, trading liquidity remains shallow and, in turn, stressing overall crypto markets. All eyes on upcoming Macro data next week, as a “risk-off” sentiment would hurt crypto prices further.”

Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.53 hours, IST on March 10, 2023)

Bitcoin $19,962 -8.22%

Ethereum $1,417 -7.88%

Tether $1 -0.01%

BNB $273.47 -5.57%

XRP $0.3712 -4.62%

Dogecoin $0.06586 -8.52%

Cardano $0.3076 -3.62%

Polygon $1.01 -5.02%

Polkadot $5.41 -4.03%

Tron $0.05771 -12.38%

Litecoin $74.36 -10.51%

Shiba Inu $0.00001005 -9.59%

Solana $17.05 -8.19%

(Note: Price change in last 24 hours)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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