24 Hrs Crypto Update, March 2: Global Cryptocurrency Market is undergoing a Bloodbath

Bitcoin (BTC) and Ethereum (ETH), two of the most prominent cryptocurrencies in the world, plummeted below the $22,000 and $1,600 thresholds, respectively, as crypto prices experienced a dramatic sell-off early Friday morning.

At the time of writing, the global cryptocurrency market cap has dropped 4.1% in the last 24 hours to $1.07 trillion. As per CoinGabbar data, the total crypto market volume in the last 24 hours was $54.57 billion.

The crypto market leader, Bitcoin price is trading at $22,347. This follows a 3.44% decrease in the last 24 hours. As a result, its market capitalization stands at $432.10 million. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is trading at $1,558, which decreased by 5.36% in the last 24 hours. 

Cryptocurrencies Price Action

The price of Binance (BNB) has decreased by 4.02% 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 $289.00.

In addition, the price of Polkadot decreased by 8.52% 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 $5.86.

Furthermore, POLYGON (Matic) continues to lose momentum and is currently trading at $1.137. It decreased by 7.28% in the last 24 hours.

What Turns the Crypto Market Bearish?

Silvergate Capital, a bank specialising in cryptocurrencies, has 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). This unexpected move has left many in the crypto space wondering what the future holds.

 Major Events Around the World

• The popular investment app Robinhood has added a new wallet feature to its iOS platform. Users will be able to transfer and store cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin directly within the app using this functionality. The wallet feature is intended to offer users more flexibility and convenience when managing their digital assets, as well as easier access to Robinhood's trading services.

• A frustrated investor has filed a lawsuit against executives at BlockFi and Gemini. The executives are accused of violating securities laws by promoting unregistered securities to investors, according to the lawsuit. The investor is seeking money damages as well as an injunction to prevent further violations.

• Polygon, the renowned blockchain network, has unveiled a revolutionary new product for decentralised identification (DID). This product leverages Zero-Knowledge proofs (ZK) to guarantee privacy and security during the authentication process. By utilising ZK, Polygon's DID product ensures that users can securely and privately authenticate themselves without sacrificing any of their personal information.

COINGABBAR Views:The market is trading in the red, and if Bitcoin and Ethereum close below $22,000 and $1,550 respectively, then more panic selling is likely to ensue. Will the crypto market be able to recover from this downturn? For more update tuned with us at www.coingabbar.com

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