Bitcoin
BTC$68 278.57

-0.38%

Ethereum
ETH$3 895.77

-0.31%

Tether
USDT$0.998943

-0.04%

Binance Coin
BNB$601.39

-0.01%

Solana
SOL$171.42

2.71%

USD Coin
USDC$1.000061

0.01%

The crypto market is cheaper than a trillion again


09 Mar 2023

#Ethereum

The total capitalisation of the crypto market is back below $1 trillion, down 1.1% over the last 24 hours. We note that sellers drive the market during periods of reduced liquidity - in the early hours of the Asian session, as was the case today. Bitcoin lost $300 in a sharp move to $21.7K, approaching the February lows and the critical signal level of $21.5K. A break below this level would change the status of the current events from a "typical correction" to a "methodical sell-off". 

In that case, the road to $18K for bitcoin is open, and the capitalisation of the entire crypto market could fall back to $820B, as the rally from the beginning of the year would look like a blip in a bear market, not the start of a long uptrend. Many, including ourselves, saw the latter scenario as the main one until the end of last week.

Background to the news

Eric Pearce, CEO of One River Digital Asset Management, believes that the fall in the crypto market is temporary and that bitcoin has the potential to rise again. The key to the rally, he says, will be accelerating institutional adoption of crypto assets. According to a new Paxos survey, 89% of US crypto investors continue to entrust their funds to centralised exchanges, despite the collapse of several major companies in the cryptocurrency industry. 75% of US citizens are still interested in cryptocurrencies.

US banking giant JPMorgan is ending its banking relationship with Gemini, a cryptocurrency exchange Cameron and Tyler Winklevoss owned. According to PeckShield, the US government seized 48,998 BTC (worth about $1.08 billion) from the Silk Road darknet marketplace. The 9,825 BTC went to Coinbase, with the rest going to two new wallets. According to the court ruling, Binance's US unit could buy the assets of bankrupt cryptocurrency lender Voyager Digital.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 74.8% 43 $68 278.57 -0.38% -4.32% $1 345 400 809 941 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 63.6% 70 $3 895.77 -0.31% 2.68% $468 028 945 782 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $0.998943 -0.04% -0.09% $111 847 033 976 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 88.8% 6 $601.39 -0.01% -1.98% $88 756 634 769 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 65.2% 73 $171.42 2.71% -4.55% $77 056 762 894 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000061 0.01% 0.01% $32 464 668 588 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 89.6% 6 $0.531361 0.46% -2.28% $29 453 574 385 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 72% 50 $0.165070 -2.39% -1.61% $23 848 390 229 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 69.6% 64 $6.44 -0.32% -0.23% $22 370 418 462 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 85.2% 19 $0.459252 -0.49% -8.44% $16 392 782 942 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 82% 33 $0.000026 2.23% 0.87% $15 438 115 111 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 72.8% 52 $37.32 -0.09% -8.04% $14 662 529 748 AVAX 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 58.4% 82 $18.18 4.79% 8.58% $10 674 965 951 LINK 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 78.8% 42 $68 436.87 -0.24% -4.17% $10 638 276 521 WBTC 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 83.2% 33 $7.38 -1.17% -2.07% $10 610 167 735 DOT 7 days price change

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