Bitcoin slips below $20k; crypto market cap drops over 6%

The cryptocurrency markets experienced a decline on Friday, with Bitcoin dropping 8.22% to $19,962 and Ethereum trading below $1,450. Other top crypto tokens, including Tron, Litecoin, Shiba Inu, Solana, and Dogecoin, also experienced losses. The global cryptocurrency market cap fell 6.29% to $934.23 billion in the last 24 hours. The collapse of pro-crypto Silvergate bank and the hawkish stance of the US central bank have caused contagion fears and kept investors on edge. Traders and investors fear that the fear of higher interest rates could have contributed to the sell-off, while the upcoming release of US jobs data might add to market uncertainty.