Bitcoin has dropped to over $27,200.
On Friday at 9:40 p.m. UTC, Bitcoin was worth $27,209. This decrease in value represents a 3.9% loss over 24 hours and a 2.5% loss over one hour.
Nonetheless, Bitcoin quickly recovered from its losses. At the time of writing, Bitcoin was priced at $27,590, a 2.8% decrease in 24 hours.
Different top 10 cryptocurrencies performed similarly. Over the last 24 hours, Ethereum (ETH) fell 3.6%, Binance’s BNB (BNB) fell 2.4%, Ripple’s XRP (XRP) fell 5.0%, Cardano (ADA) fell 2.9%, Dogecoin (DOGE) fell 2.2%, Lido Staked Ether (STETH) fell 3.5%, and Polygon (MATIC) fell 2.5%.
The total market capitalization of the crypto market is $1.2 trillion. This figure shows a 2.7% decrease over the last 24 hours.
What caused these losses?
Various events in the crypto sector could be to blame for these losses. Most notably, on March 24, Binance experienced a problem that forced it to cease spot buying and selling temporarily.
In other news, the Federal Reserve announced its decision to deny Caitlin Lengthy’s Custodia Financial institution membership in the Federal Reserve system. The business reported that it uncovered “vital deficiencies” in the bank’s risk management and controls. The Fed already declined the bank twice this year; Lengthy provided her criticism right now.
Furthermore, the possibility of an SEC case against Coinbase looms. On March 22, the company received a Wells notice indicating that the regulator may press charges.
Events in traditional markets may also have an impact on cryptocurrency prices. Concerns over the German financial giant Deutsche Bank have caused its shares to decline 8.53% today. Although not directly tied to cryptocurrencies, Deutsche Bank’s issues are consistent with crypto-related financial institution failures such as Silvergate Financial institution, Silicon Valley Financial institution, and Signature Financial institution.
As a result, negative emotions surrounding that information may have spilled over into the cryptocurrency market. However, it’s still unclear what the primary explanation for Bitcoin’s losses could be.
