Cryptos Falter As Silvergate Developments Hurt

March 6, 2023

Crypto market capitalization dropped close to half a percent in the past 24 hours to $1.02 trillion amidst weak sentiment triggered by developments at crypto-focused Silvergate Bank. Bearish outlook was also supported by reports of release of creditor payments from the bankrupt MT Gox exchange.

Shares of Silvergate Corporation are trading more than 9 percent lower on Monday after it announced the shutting down its crypto currency payments network called the Silvergate Exchange Network (SEN).

Bitcoin shed 0.09 percent overnight to $22,438.74, after trading between a high of $22,497.00 and a low of $22,331.31 in the past 24 hours.

Ethereum’s overnight losses were at 0.15 percent and the leading alternate coin is currently trading at $1,569.72. ETH ranged between $1,574.23 and $1,557.36 in the past 24 hours.

4th ranked BNB (BNB), 6th ranked XRP (XRP), 7th ranked Cardano (ADA), 8th ranked Dogecoin (DOGE) and 9th ranked Polygon (MATIC) have all lost between 1.5 and 2 percent.

77th ranked GMX (GMX) rose 4.4 percent in the past 24 hours. 45th ranked Decentraland (MANA) and 95th ranked EthereumPoW (ETHW) also rallied around 3.4 percent overnight.

80th ranked SingularityNET (AGIX) was the biggest laggard with an overnight decline of 6.7 percent. 71st ranked Dash (DASH) also dropped more than 6 percent.

80th ranked Singularity NET (AGIX) continues to be the top gainer among the top 100 cryptocurrencies in 2023 with a surge of more than 870 percent.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed an outflow of $17 million for the week ended March 3. Bitcoin products recorded outflows of $20.1 million whereas short bitcoin products registered inflows of $1.8 million.

The country-wise analysis shows outflows of $13.6 million in Germany and 6.5 million in Switzerland. United States recorded inflows of $7.6 million followed. Cumulative AUM stood at $28.75 billion.

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