The global cryptocurrency market saw a decline of 4%, with Bitcoin (BTC) falling 4.5% to $22,386 and Ethereum (ETH) dropping below the $1,600 level. BTC's volume in the last 24 hours was around $26.01 billion, representing a 12.56% increase.
This drop in value is attributed to various factors, including the release of US manufacturing data, uncertainties surrounding access to banking services for crypto companies in the US, and fallout from Silvergate. The global cryptocurrency m-cap was trading lower at $1.03 trillion, with other top tokens such as Litecoin, Dogecoin, Solana, Cardano, and BNB also experiencing cuts.
Bitcoin's market cap was around $432.63 billion, with a dominance of 42.09%, a decrease of 0.23% over the day. Market experts are closely watching the unfolding events at Silvergate, which failed to file its annual report to the SEC, leading to heavy selling pressure on its stock.
Overall, major market indicators suggest a neutral sentiment, with various indicators such as the Relative Strength Index (14), Stochastic %K (14, 3, 3), and Average Directional Index (14) signaling a sell or neutral outlook.