Major cryptocurrency prices have tumbled on Friday, amid jitters about the health of crypto bank Silvergate, which has seen a rapid exodus of major customers in the last few days.
Bitcoin (BTC) was last trading in the mid-$22,000s, down around 4.5% on the day. Ether (ETH), the token that powers the Ethereum blockchain, was last down around 4.7% on the day and trading in the upper-$1,500s.
Total cryptocurrency market capitalization was last around $986 billion, down a little over 4.4% or around $43 billion on the day.The drop in prices has resulted in a surge in trader liquidations.
According to crypto derivatives data analytics website coinglass.com, long positions in the crypto futures market worth over $210 million were closed on the 2nd of March.Read more on cryptonews.com