The cryptocurrency markets were trading in negative terrain on Friday, March 3, with a decline of 4 percent in the global crypto market capitalisaion.
Ethereum (ETH) was trading below the USD 1,600 mark while Bitcoin (BTC) dropped 4.5 percent to USD 22,386. Bitcoin volume increased 12.56 percent over the last 24 hours to around USD 26.01 billion.
Due to the release of US manufacturing data and the uncertainty surrounding crypto firms' access to banking services in the US, the value of Bitcoin, Ethereum, and other cryptocurrencies has decreased during the last 24 hours. Moreover, the aftermath from Silvergate has contributed to the downturn. Bitcoin is currently trading for less than USD 23,000 at USD 22,300, which is the lowest price in nearly two weeks, according to Edul Patel, co-founder and CEO of Mudrex.
On Friday, prices for other popular tokens were also falling. Litecoin lost 8 percent of its value. Additionally trading with cuts were Dogecoin, Solana, Cardano, and BNB. The market capitalization of all cryptocurrencies worldwide was down around USD 1.03 trillion, dropping 4.01 percent in the previous day.
The total volume in DeFi is currently 5.39 billion, 9.78 percent of the total crypto market 24-hour volume. The volume of all stablecoins is now USD 50.24 billion, which is 91.11 percent of the total crypto market 24-hour volume.
The market value of Bitcoin, the biggest cryptocurrency in the world, was approximately USD 432.63 billion. According to CoinMarketCap, Bitcoin's market share is currently 42.09 percent, down 0.23 percent from the previous day. "Big crypto-specific development to watch out for is the unfolding of events at Silvergate, as the crypto-friendly bank failed to file its annual report to the SEC, and its stock has come under heavy selling pressure.
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