Bitcoin

Within a very short timeframe, the majority of the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a> has taken a massive turn for the worse, losing as much as $50 billion to its market capitalization in one hour as the news of possible adverse implications for the sector continued to arrive one after the other.Indeed, the crypto market’s total cap plummeted from $1.07 trillion to $1.02 trillion in one hour on March 3, coinciding with a series of unfavorable events, including the crash of the crypto <a href="https://finbold.com/category/banking-news/" rel="noopener noreferrer nofollow">bank</a> Silvergate, the upcoming ‘hot’ Consumer Price Index (<a href="https://finbold.com/topic/cpi/" rel="noopener noreferrer nofollow">CPI</a>), and Mt. Gox creditors possibly receiving massive Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) reimbursements, creating ‘<a href="https://finbold.com/guide/what-is-hodl/#FUD" rel="noopener noreferrer nofollow">FUD</a>’ (Fear, Uncertainty, and Doubt).<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/5defdcd3eda24b0593ddb59bee2787a8.jpg" />Total 1-day crypto market cap. Source: <a href="https://coinmarketcap.com/charts/" rel="noopener noreferrer nofollow">CoinMarketCap</a><h2 id="header-0">Series of unfortunate events?</h2>Specifically, some <a href="https://finbold.com/category/finance-news/" rel="noopener noreferrer nofollow">financial</a> experts <a href="https://www.reuters.com/markets/us/us-inflation-accelerates-january-consumer-spending-surges-2023-02-24/" rel="noopener noreferrer nofollow">believe</a> that the next CPI report at the Federal Reserve’s March meeting could indicate an acceleration of inflation by as much as 50 basis points (bps), including TD Securities’ Priya Misra and Cetera Investment Management’s Gene Goldman, as they told Reuters in late February.On top of that, many crypto industry participants are worried over the reports that the <a href="https://www.mtgox.com/img/pdf/20230106_announcement_en.pdf" rel="noopener noreferrer nofollow">upcoming</a> repayments to creditors of the failed <a href="https://finbold.com/guide/best-cryptocurrency-trading-platforms/" rel="noopener noreferrer nofollow">crypto exchange</a> Mt. Gox could lead to a major <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> price slump, considering that its 2019 <a href="https://www.mtgox.com/img/pdf/20191001_report.pdf" rel="noopener noreferrer nofollow">balance sheet</a> totaled 142,000 BTC, today worth over $3 billion.More recently, the crypto market has woken up to the <a href="https://www.ft.com/content/d25c4e79-936e-445b-a664-087af642d2f9" rel="noopener noreferrer nofollow">news</a> that the stock of Silvergate Capital Corp (NYSE: SI) had declined by over 55% and continues to drop as the crypto-focused bank said it would not be able to file its annual report with the United States Securities and Exchange Commission (<a href="https://finbold.com/topic/sec/" rel="noopener noreferrer nofollow">SEC</a>) on time.<h2 id="header-1">Cryptocurrencies decline</h2>Meanwhile, the fears over these events have threatened the gains that the largest <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrencies</a> by market capitalization have been accumulating since the year’s turn on the wings of renewed optimism, slashing the price of Bitcoin by 4.23% on the day.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/e0ca1526b51946d08925886f10193ce0.jpg" />Bitcoin 24-hour price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a>During the same timeframe, Ethereum (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) lost 4.40%, <a href="https://finbold.com/cryptocurrency/xrp/" rel="noopener noreferrer nofollow">XRP</a> 3.04%, Cardano (<a href="https://finbold.com/cryptocurrency/cardano/" rel="noopener noreferrer nofollow">ADA</a>) 4.74%, Polygon (<a href="https://finbold.com/cryptocurrency/polygon/" rel="noopener noreferrer nofollow">MATIC</a>) 3.5%, Solana (<a href="https://finbold.com/cryptocurrency/solana/" rel="noopener noreferrer nofollow">SOL</a>) 3.85%, Shiba Inu (<a href="https://finbold.com/cryptocurrency/shiba-inu/" rel="noopener noreferrer nofollow">SHIB</a>) 4.48% to their value, while Dogecoin (<a href="https://finbold.com/cryptocurrency/dogecoin/" rel="noopener noreferrer nofollow">DOGE</a>) has declined by 6.08%, according to the data retrieved by <a href="https://finbold.com/" rel="noopener noreferrer nofollow">Finbold</a> on March 3.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">Finbold.com</a>.

$50 billion drains from crypto market cap in an hour as bad news pile up

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