Bitcoin (BTC) and Ethereum (ETH), two of the most popular cryptocurrencies in the world, slid below the $23,000 and $1,600 marks, respectively, as crypto prices saw a bloodbath early Friday morning. This is due to the overall crypto industry trying to cope with the fallout at crypto-friendly US bank Silvergate, which has said that its reviewing whether it can remain viable, as reported by Bloomberg. Other popular altcoins — including the likes of Dogecoin (DOGE), Ripple (XRP), Litecoin, and Solana (SOL) — registered heavy losses as well. The DYDX token emerged to be the biggest loser, with a 24-hour dip of over 16 percent.
The global crypto market cap stood at $1.02 trillion at the time of writing, registering a 24-hour loss of 4.45 percent.
Bitcoin (BTC) price today
Bitcoin price stood at $22,352.56, registering a 24-hour loss of 4.94 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 20.08 lakhs.
Ethereum (ETH) price today
ETH price stood at $1,565.92, marking a 24-hour dip of 5.01 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.39 lakhs.
Dogecoin (DOGE) price today
DOGE registered a 24-hour dip of 7.30 percent, as per CoinMarketCap data, currently priced at $0.07515. As per WazirX, Dogecoin price in India stood at Rs 6.76.
Litecoin (LTC) price today
Litecoin saw a 24-hour dip of 8.44 percent. At the time of writing, it was trading at $88.98. LTC price in India stood at Rs 7,905.
Ripple (XRP) price today
XRP price stood at $0.3649, seeing a 24-hour loss of 3.53 percent. As per WazirX, Ripple price stood at Rs 32.05.
Solana (SOL) price today
Solana price stood at $20.86, marking a 24-hour dip of 5.30 percent. As per WazirX, SOL price in India stood at Rs 1,985.
Top crypto gainers today (March 3)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
24-hour gain: 7.13 percent
XDC Network (XDC)
24-hour gain: 1.07 percent
24-hour gain: 0.47 percent
24-hour gain: 0.09 percent
24-hour gain: 0.05 percent
Top crypto losers today (March 3)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
24-hour loss: 16.43 percent
24-hour loss: 13.42 percent
24-hour loss: 13.36 percent
24-hour loss: 13.07 percent
Frax Share (FXS)
24-hour loss: 12.49 percent
What crypto exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “In the last 24 hours, most cryptocurrencies have dropped in value. This can be attributed to various factors, such as the release of US manufacturing data and uncertainties surrounding the accessibility of banking services for crypto companies in the US. Furthermore, the recent Silvergate incident has also played a part in the decline. Specifically, both Bitcoin and Ethereum have decreased by 5 percent, resulting in the loss of their weekly gains. Bitcoin has hit its lowest point in about two weeks and is currently traded below the $23,000 level at $22,300. As a result, investors and traders are keeping a close eye on economic data and other factors in anticipation of possible interest rate increases and inflation.”
WazirX Vice President Rajagopal Menon said, “Bitcoin and Ethereum prices drop further in the last 24 hours. Bitcoin’s decline can be linked to a drop in Silvergate stocks as the bank delays filing and loses the majority of its clients. However, with China’s sharp post covid recovery, increased state spending, and some favourable monetary policies, BTC prices are expected to recover.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Bitcoin is currently trading around $22,300 and based on technical analysis, there is a likelihood of a potential decline towards the $22,150 support level. Additionally, Ethereum is currently trading at around $1,577 and experiencing a 5 percent decline. On the four-hour chart, Ethereum has undergone a sharp decline and there is a possibility that it will test the next support level at $1,400.”
Kunji founder Anurag Dixit offered his take, “Bitcoin and Ether experienced a significant sell-off, dropping by over 5 percent, as the cryptocurrency market continues to digest the news of Silvergate’s earnings report. The drop in prices occurred as the Asian market opened, and investors reacted to the potential impact of Silvergate’s struggles on the wider cryptocurrency industry. The consequences here can be dire as it’s one of the biggest service provider and banking partner for a large portion of crypto companies.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.