Total crypto market cap takes a hit amid Silvergate Bank crisis
Cryptocurrency markets experienced a relatively calm month in February as the total market capitalization gained 4% in the period.
However, the fear of regulatory pressure appears to be having an impact on volatility in March.Bulls will undoubtedly miss the technical pattern that has been guiding the total crypto market capitalization upwards for the past 48 days.
Unfortunately, not all trends last forever, and the 6.3% price correction on March 2 was enough to break below the ascending channel support level.As displayed above, the ascending channel initiated in mid-January saw its $1.025 trillion market cap floor ruptured after Silvergate bank, a major player in crypto on and off-ramping, saw its stock plunge by 57.7% at the New York Stock Exchange on March 2.
Silvergate announced "additional losses" and suboptimal capitalization, potentially triggering a bank run that could lead to the situation spiraling out of control.Silvergate provides financial infrastructure services to some of the world's largest cryptocurrency exchanges, institutional investors and mining companies.
Read more on cointelegraph.com
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