On the evening of March 13, the quotes for the first crypto rose sharply from $20,280 to the current level above $22,670.
In the past 24 hours, the asset has seen a price increase of 9.2% (CoinGecko), with a current price of $22,290. As the chart below shows, the uptick was accompanied by a surge in trading volume.
Binance Exchange BTC/USD hourly chart. Data: Trading Views.
The second-largest cryptocurrency by market capitalization gained 9.3 percent over the same period. At the time of writing, Ethereum is trading above $1600.
Hourly chart of ETH/USD exchange Binance. Data: Trading Views.
After the flagship, the top 10 assets by market capitalization enter the green zone, with the exception of USDT. Cardano (ADA) showed the highest growth – up 10.4% in the past 24 hours. The USDC stablecoin, which lost its peg to the U.S. dollar on March 11, has returned to parity.
The total market capitalization exceeds $1 trillion. Bitcoin Dominance Index – 40.7%, Ethereum – 18.2%.
According to Coinglass, $215 million worth of positions in the futures market were liquidated in the past 24 hours.
On March 10, the first cryptocurrency tested the sub-$20,000 level following news of the Silvergate Bank liquidation. Market conditions were complicated by problems at Silicon Valley Bank (SVB) – the same day California’s Department of Financial Protection and Innovation closed the institution for “illiquidity and insolvency” and appointed the FDIC as administrator.
SVB’s problems have created difficulties for its customers, one of which is Circle. On March 11, the company said it would keep a portion of its $3.3 billion reserve collateral, but promised to make up “any shortfall” in the reserve the next day.
Algorithmic stablecoins that allow assets to be used as collateral for issuance have also lost parity with the U.S. dollar due to the decoupling of USD Coin. In particular, DAI and FRAX lost their binding.
On March 12, the U.S. Treasury, the Federal Reserve, and the FDIC issued a joint statement on measures to support the banking system. Depositors at Silicon Valley Bank and Signature Bank, another bank closed by authorities, will receive full refunds, according to authorities.
Recall that the MakerDAO community decided to adjust protocol parameters to limit the impact of the USDC issue on their project. The measure involves reducing the maximum amount of DAI that can be borrowed against specific collateral.
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ForkLog Newsletter: Keeping an Eye on the Pulse of the Bitcoin Industry
Information source: compiled from FORKLOG by 0x Information.The copyright belongs to the author ForkLog, without permission, may not be reproduced