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The cryptocurrency market is down today as a result of negative publicity surrounding Silvergate Bank and a lawsuit brought by US regulators against KuCoin. The aftermath of the collapse of Silvergate Bank, a lawsuit brought by US regulators against the KuCoin exchange, and the hawkish remarks of United States Federal Reserve head Jerome Powell alarmed investors, causing the cryptocurrency market to decline today. Higher interest rate fears may have led traders to sell assets, and upcoming US jobs data may have added to bearish sentiment. The global crypto market cap dropped below $1 trillion with Bitcoin price dropping below $20K. According to data from Coinglass, bitcoin traders suffered the most losses, almost $112 million in the last day, while ether liquidations exceeded $73 million. The monthly low for BTC was $20,207 on March 9; with the break of the crucial $21,600 level, traders are concerned that the bear market lows may be revisited.
Here are few other reasons that have effected the crypto market today - - Silicon valley bank troubles
- Silvergate Collapse
- white house wants 30% tax on mining electricity
- Huobi coin flash crash
- Usag hits kucoin with a law suit
- Voyager liquidating assets
- New attorney labels eth a security
Similar worries exist for Ether too. Source - Coinpedia
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