Bitcoin
BTC$27 060.57

2.57%

Ethereum
ETH$1 675.53

3.68%

Tether
USDT$1.000845

0.16%

Binance Coin
BNB$216.29

1.61%

XRP
XRP$0.508986

2.05%

USD Coin
USDC$1.000627

0.06%

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 90.8% 2 $27 060.57 2.57% 1.46% $527 654 007 369 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 90% 5 $1 675.53 3.68% 4.95% $201 459 487 311 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $1.000845 0.16% 0.08% $83 346 901 195 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 91.6% 4 $216.29 1.61% 2.38% $33 275 819 779 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 92.4% 9 $0.508986 2.05% -0.02% $27 135 264 539 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000627 0.06% 0.04% $25 546 311 582 USDC 7 days price change
7 Lido stETH (STETH) STETH Lido stETH predictions 93.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
8 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 82.8% 24 $0.088277 4.40% 6.03% $8 975 631 926 WTRX 7 days price change
9 Cardano (ADA) ADA Cardano predictions 94.4% 6 $0.252515 3.14% 2.93% $8 870 464 805 ADA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 91.2% 4 $0.061846 1.83% 0.18% $8 732 826 301 DOGE 7 days price change
11 Solana (SOL) SOL Solana predictions 88.8% 20 $20.21 5.47% 2.45% $8 344 217 667 SOL 7 days price change
12 TRON (TRX) TRX TRON predictions 82.8% 22 $0.088719 4.86% 6.27% $7 903 170 455 TRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 62.8% 84 $2.23 2.50% -3.09% $7 667 083 649 TON 7 days price change
14 Dai (DAI) DAI Dai predictions 95.6% 1 $0.999875 0.01% 0.01% $5 347 220 318 DAI 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 90.8% 7 $4.10 1.87% 1.81% $5 032 931 540 DOT 7 days price change

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