At the beginning of Saturday's trading, most cryptocurrencies experienced a decline in prices due to the ongoing crises at Silvergate Capital Corp., an American cryptocurrency payments network. The market value of cryptocurrencies reached about $1.03 trillion with a growth rate of only 0.2%, and there were cash flows of $38 billion in the last 24 hours. Silvergate's financial problems arose after the collapse of the FTX exchange in November 2022, which caused significant damage to the crypto market, including Bitcoin, and led to the flight of financial deposits from Silvergate. The decline in the crypto market is also attributed to the Federal Reserve's tightening policy of raising interest rates to over 5% during the meeting held on March 21 and 22, which reduces investor risk and makes US bonds more attractive.
As for Bitcoin, its price fell by 0.15% during trading on March 4 to $22,343.46, and its market value decreased from $431.80 billion to $431.39 billion. In the last 7 days, Bitcoin has fallen by 3.19%. The price of Ethereum ETH also decreased by 0.07% to $1,567.65, while Binance coin BNB lost 0.19% and recorded $289.80. On the other hand, Ripple XRP increased by 2.01% to $0.3756, Cardano coin gained 1.34% and reached $0.3408, and Dogecoin increased by 1.18% to $0.07643. However, Polkadot fell by 1.34% and reached $5.97.