24 Hrs Crypto Update, Mar 9: The crypto market has tumbled
- The cryptocurrency market has experienced a decline due to the repercussions of Silvergate Bank and a lawsuit led by a U.S. regulator against KuCoin. This has resulted in a negative impact on investor sentiment, causing a dip in the market.
- The prices of BTC, ETH, LTC and DOGE showed deep red in the last 24 hours.
BENCHMARK
| Indices | LTP | Change (%) |
|---|---|---|
| BITCOIN | 19995 | 7.28% |
| ETHEREUM | 1424 | 7.03% |
CRYPTO STATS(24H)
| Indices | VALUE | Change (%) |
|---|---|---|
| MARKET CAP | $966 B | 1.6% |
| TRADING VOLUME | 88.50 B | 51.25% |
Top 5 GAINER
| Indices | LTP | Change (%) |
|---|---|---|
| PERMISSION COIN | $0.00029 | 200.78% |
| BLOCKCHAIN CUTIES | $0.068 | 184.72% |
| AVENTUS | $0.52 | 74.16% |
| RECAST1 | $0.0000043 | 66.91% |
| NUCYPHER | $0.16 | 64.28% |
Top 5 Loser
| Indices | LTP | Change (%) |
|---|---|---|
| GAZETV | $0.000086% | 78.60% |
| HUOBI BTC | $10871.42 | 51.98% |
| HUSD | $0.052 | 50.01% |
| DOUBLOON | $0.023 | 49.57% |
| MINIDOGE | $0.00000000080 | 46.73% |
Despite the recent fluctuations in the crypto market,
it is still closely tied to the performance of the Dow and S&P 500.
Following Powell's speech, the major U.S. indices continued to decline, setting the stage for the highly anticipated March 10 jobs report. It is crucial for investors to keep a close eye on these economic indicators as they can greatly impact the value of cryptocurrencies.
Major Events Around the World
-
On Thursday, the shares of companies that focus on cryptocurrency experienced a decline. This was due to the announcement made by Silvergate Capital Corp regarding their decision to wind down their operations and voluntarily liquidate. The aftermath of FTX's implosion last year has had a ripple effect throughout the industry, leading to this development.
-
Letitia James, the state Attorney General of New York, revealed that she has filed a lawsuit against cryptocurrency exchange KuCoin after being allowed to buy and sell cryptocurrencies on the exchange, which is not registered in New York. "This is one of the first instances in which a regulator has claimed in court that ETH, one of the major cryptocurrencies accessible, is a security," according to the press release.
-
The proposed tax plan entails a gradual implementation of a 10% tax on electricity generated from both on and off-grid sources over a period of three years. Additionally, the Biden administration has proposed a phased-in 30% tax on cryptocurrency mining electricity costs in its 2024 fiscal year budget.
COINGABBAR Views: According to recent statements, the Federal Reserve has been accused of causing unfair harm to the US economy through interest rate rises. In related news, Silvergate Bank has decided to go into voluntary liquidation. Furthermore, if Bitcoin (BTC) and Ethereum (ETH) close below $20,000 and $1,400, respectively, additional selling is probable. Stay tuned with us for more updates at www.coingabbar.com
Also read: FTX Founder's Lawyers Seek Trial Delay Over Missing Evidence
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
