24 Hrs Crypto Update, Mar 3: After the Bloodbath, the Crypto market

Bitcoin (BTC) and Ethereum (ETH) - two of the mosthighly

valued cryptocurrencies - surged past the $22,000 and $1,500 levels.

At the time of writing, the global cryptocurrency market cap has risen by 0.2% in the last 24 hours to $1.08 trillion. As per CoinGabbar data, the total crypto market volume in the last 24 hours was $49.60 billion.

The crypto market leader, Bitcoin price is trading at $22,369. This follows a 0.11% increase in the last 24 hours. As a result, its market capitalization stands at $431.65 million. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is trading at $1,572, which increased by 0.88% in the last 24 hours. 

Cryptocurrencies Price Action

The price of Binance (BNB) has increased by 0.54% in the last 24 hours. BNB is currently ranked 4th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of BNB was trading at $290.40.

In addition, the price of Polkadot increased by 2.90% in the last 24 hours. ADA is currently ranked 14th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the ADA price was trading at $6.03.

Furthermore, POLYGON (Matic) continues to gain momentum and is currently trading at $1.169. It increased by 2.81% in the last 24 hours.

What Turns the Crypto Market Bearish?

The news of Silvergate Capital, a bank specialising in cryptocurrencies, sent shockwaves throughout the crypto industry. Citing a crisis of confidence, the bank has delayed filing with the U.S. Securities and Exchange Commission (SEC), leaving many in the crypto space wondering what the future holds. The market has been shaken, with a massive drop in prices following the announcement. This unexpected move has caused a great deal of uncertainty in the crypto space, leaving investors and traders alike to speculate on the potential implications.

Major Events Around the World

• Ethereum core developer and project coordinator, Tim Beiko, declared that they had not explicitly agreed to a mainnet date yet. The decision to postpone the hard fork was made to ensure a seamless transition to the mainnet.

• The SEC is taking a proactive step to ensure that investors are safeguarded against potential risks associated with cryptocurrency investments. SEC Chair Gary Gensler has expressed his support for the proposed rule, implying that crypto exchanges may not be qualified custodians.

• The senators cited media reports claiming that Binance is facing multiple investigations by regulators after FTX collapse. The senators requested "documents and answers" pertaining to a list of questions by March 16.

COINGABBAR Views: The market is trading within a range following a decline, with Bitcoin and Ethereum closing above $22,000 and $1,550 respectively. Will the cryptocurrency market be able to recover from this downturn? Stay tuned with us for more updates at www.coingabbar.com

Also read: U.S. Lawmakers Take Action to Protect Crypto Users from SEC Policy Risks