Bitcoin slips below $20000 yet again, bringing back crypto market volatility amidst bearish signals.
Bitcoin declined by over 7% in the last 24 hours, triggering a bearish trend in the crypto market, as most other altcoins traded in the red. It has dipped by over 15% in the last week, which is one of its lowest in several weeks. Ethereum, XRP, Cardano, Polygon, and most other cryptos registered losses.
The latest crypto market volatility could be attributed to fears arising from the crisis in Silvergate bank, which could have caused a ripple effect across markets. Macroeconomic issues could have also contributed to the recent panic sell-offs in the crypto market. Volumes of Bitcoin rose considerably in the last 24 hours, likely indicating increased selling by investors and traders.
As a result, the market capitalization of the crypto market has dipped below $1 trillion, declining by around 7.8% to $958 billion. Bitcoin’s share in the crypto market’s market capitalization dipped to approximately $385 billion. Silvergate’s liquidation is the next crisis added to a string of bankruptcies and failures in the crypto industry, which has brought the spotlight back on regulation.
BTC/USD YTD price chart
Regulators and central bankers around the world have rushed to design regulatory policies for the crypto industry in light of the urgent need for the same. Bitcoin is currently trading at around $19800 on March 10, 2023, with BTC/USD down by 2.72% in the previous 24 hours. Almost all other cryptos witnessed losses in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (22,960.73). The latest crypto market volatility may have led to concern for stakeholders of the crypto market, but experts are positive regarding crypto’s run in the future.