Major cryptocurrency values fell amid concerns about the viability of crypto bank Silvergate, which has experienced a rapid flight of significant customers in recent days. In its most recent trade, Bitcoin (BTC) was down about 4.5% on the day, trading in the mid-$22,000 range. The cryptocurrency that runs the Ethereum blockchain, ether (ETH), was last trading in the upper $1,500 range and was down about 4.7% on the day. The total market value of cryptocurrencies was last estimated at $986 billion, declining little more than 4.4% or roughly $43 billion on the day.
An increase in trader liquidations has occurred as a result of the price decline. The 2nd of March saw the closing of long positions in the cryptocurrency futures market worth more than $210 million, according to the data analytics website coinglass.com for crypto derivatives. It’s at its highest point in in a month.
According to some observers, the transfer of part of Mt Gox’s bitcoin to the victims of the exchange’s long-ago breach may have increased the pressure to sell. Nonetheless, Bitcoin is currently more than 11% lower than its recent highs above $25,000, while Ethereum is more or less 10% lower than its most recent highs in the mid-$1,700 range. Due to worries about further interest rate tightening by the Fed in the aftermath of recent positive data, cryptocurrency appears to have been playing catch-up with recent declines in US equities.
Today’s Ethereum Price
| DATE | ETC | USD |
|---|---|---|
| Today | 01 | $ 1,570.60 |
Ethereum Price Prediction
In the upcoming days and weeks, Ether may benefit from the upward trend in stock prices. Future Ethereum network updates may also have this effect. The Shapella hard fork will occur on the final significant public Ethereum testnet later this month, paving the way for an upgrade to the mainnet the following month. The primary benefit of the upcoming upgrade is the eventual acceptance of staked ETH withdrawals.
While some believe this may temporarily increase sale pressure as ETH investors profit from their withdrawn ETH and ETH earnings, the majority believe it will be a long-term motivator. Flexible withdrawal policies should encourage more ETH investors to stake their coins, which should lead to a higher chunk of the supply being locked up and potentially increasing supply and pricing.
In the upcoming weeks, these factors might be able to support Ether, but for the time being, there is still a chance of additional sell pressure. This is due to Ether’s most recent dip, which saw it break south of an uptrend that had been in effect since the year’s beginning. The likelihood of a possible test of the $1,460 area lows from February remains skewed towards the near term.
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