Bitcoin Gains, All Other Top 10 Cryptos In Red Amid Silvergate Fallout

by James · March 6, 2023

Bitcoin rose in afternoon trade on Monday in Asia, while all other top 10 non-stablecoin cryptocurrencies by market capitalization posted losses. Investors remained concerned about California-based cryptocurrency bank Silvergate Capital Corp.’s financial woes and potential fallout, while many crypto companies distanced themselves from the bank.

See related article: Bybit suspends US dollar bank transfers, possible link to Silvergate closes crypto banking network

Fast facts

Bitcoin, the largest cryptocurrency by market capitalization, was up 0.03% at $22,401 at 4 p.m. in Hong Kong on Monday, after losing 4.42% over the past seven days. Ether fell 0.46% to $1,561 and has lost 4.54% for the week, according to CoinMarketCap data.
XRP was the biggest loser among the top 10 cryptos, falling 2.71% to USD 0.3633, with weekly losses of 3.2%. San Francisco-based Ripple, the crypto-payment network powered by XRP, said last week that a recent US Supreme Court ruling was in support of its ongoing dispute with the US Securities and Exchange Commission.
Solana’s native token fell 2.48% in the last 24 hours to $20.78. Sol is down 9.35% on the weekly chart, after facing an 18-hour network outage on February 25.
Global crypto market capitalization fell 0.39% to $1.02 trillion, while total crypto market volume fell 1.68% in the last 24 hours to $29.52 billion.
Asian stock markets were mixed on Monday after China announced a modest economic growth target of 5% in 2023 – one of the country’s lowest targets in decades. Investors are turning to Chinese trade and inflation data due this week, economic data from the US and guidance from the Federal Reserve this week on interest rates.
The Shanghai Composite lost 0.19% on Monday, while the Shenzhen Component Index fell 0.08%. Hong Kong’s Hang Seng index ended the day 0.17% higher, while Japan’s Nikkei 225 rose 1.11%.
European shares rose on Monday, after posting their best weekly performance since the start of 2023. The STOXX 600 rose 0.26% and Germany’s DAX 40 rose 0.58%, both hitting their highest levels since February 2022.
The EU50, the benchmark for the euro area, also rose 13.77% since the start of the year.
Data for retail trade in the eurozone will be published later today. The European Central Bank’s chief economist Philip Lane will also talk about the bank’s monetary policy tightening.
See related article: Binance documents show ties to US entity unknown to regulators, WSJ reports