Bitcoin Trades Below $23000
By Laxmikant Khanvilkar
Bitcoin (BTC) and Ethereum (ETH) — two of the most valued crypto coins — managed to latch onto key levels, overcoming the last week’s carnage after the Silvergate raised a flag over its ability to remain in business while adding the source of volatility was the release of some of Mt. Gox’s bitcoin.
Risky assets managed to get foothold over the weekend as the dollar retreated from recent peak levels.
The crypto market cap has grown by 0.21% in the past 24 hours, reaching a total of $1.03 tn. The total crypto market volume over the same period has risen by 6.76%, summing up to $28.61 bn. Of this volume, DeFi accounts for $3.38 bn (11.83%) and stable coins make up $25.21 bn (88.12%). Bitcoin is the most dominant cryptocurrency in the market, currently holding 42.27% of the market share, a 0.08% increase since yesterday.
In latest update, the Silvergate discontinued its SEN platform that institutions used to move money to crypto exchanges.
Binance USD, the Paxos-issued stablecoin under the brand of the world’s largest crypto exchange by trading volume, fell to $9.5 billion market capitalization on Friday. Demand for BUSD has been rapidly declining since Paxos announced on Feb. 13 it would stop minting new BUSD tokens, citing orders from state regulator New York Department of Financial Services (NYDFS). Separately, the U.S. Securities and Exchange Commission (SEC) was reportedly preparing to sue Paxos for offering unregistered securities.
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