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Are cryptocurrencies losing ground? The recent decline of major currencies in the cryptocurrency market has raised concerns about the future of digital assets. Ongoing market sentiment and regulatory pressures have led to fears of a bleeding effect on the cryptocurrency sector. Does this mean that there are dark clouds ahead? We found out.

Why is there a drop in the cryptocurrency price?

One of the main reasons Bitcoin is losing ground is the crypto giant’s announcement Silvergate Bank to wind down operations and liquidate the bank amid regulatory pressure and the impact of FTX’s collapse. The company is one of two banks in the cryptocurrency industry, along with Signature Bank. This announcement led to fear and speculation among investors, unwillingness to take risks. The decline of the major currencies seems to be linked to the banking crisis, which is certainly hurting investor confidence in all risky assets.

said Parth Chaturvedi, Head of Crypto Ecosystem, CoinSwitch 360 Tools: “With US banking routes becoming increasingly difficult for cryptocurrency operators to access, trade liquidity remains shallow, which in turn puts pressure on cryptocurrency markets in general. All eyes are on upcoming macro data next week, as ‘risk off’ sentiment will hurt Cryptocurrency prices are more. It is also worth keeping an eye on the fallout from Silvergate and any other losses in the industry it causes.”

As many were hoping that the current market scenario would not affect the cryptocurrency market; The analysis did not drop correctly. Cryptocurrencies are definitely not exempt from the ongoing market scenario.

Crypto Market Update

Bitcoin market analysis

With drama at the center, the new week has put a lot of pressure on Bitcoin. Traders experience downward swings. This has led to Bitcoin and the US dollar showing signs of nervousness and breaking out of their broader trading range. This has led to a nervous start to a week already filled with potential catalysts for Bitcoin’s price volatility.

Bitcoin has fallen to its lowest level since April 25 as concerns persist over the cryptocurrency market.

The major news in the cryptocurrency world is the ongoing crowding out in the industry which has led to higher fees for Bitcoin and Ethereum resulting in volatility and lower prices for cryptocurrencies.

Top 10 tokens:

Let’s take a look at the list of top 10 cryptocurrencies with market cap at the time of writing.

1. Bitcoin (BTC)

Market value: $537.1 billion

2. Ethereum (ETH)

Market value: $222.3 billion

3. Tether (USDT)

Market value: $82.4 billion

4. Binance Coin (BNB)

Market value: $49.0 billion

5. USDC

Market value: $30.2 billion

6. XRP (XRP)

Market value: $22.1 billion

7. Cardano (ADA)

Market value: $12.7 billion

8. Dogecoin (DOGE)

Market value: $10.2 billion

9. Polygon (Matic)

Market value: $8.2 billion

10. Solana (Sun)

Market value: $8.2 billion

It was interesting to watch the bounce and rise of Bitcoin, Ethereum, and Dogecoin at the beginning of the year. It appears that the bull run with massive upside potential has once again sparked concerns that the financial situation with continued market sentiment may continue to bleed into the crypto sector, sending major currencies lower.

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