The crypto market saw a sharp decline at 12 am UTC on March 3. The price of Bitcoin (BTC) fell by over 5% from around $23418 to $22163, according to CryptoSlate data. Most of the drop occurred within an hour as the BTC price fell by over $1,000 in seconds.
The price of the second-largest cryptocurrency followed suit with a 5.4% decline from around $1,643 to $1,554 around the same time.
Many other cryptocurrencies also suffered losses as Dogecoin (DOGE) slipped 5.8% over the past 24 hours, while Cardano (ADA) and XRP (XRP) are down 3.78% and 2.73%, respectively.
The fall in crypto prices triggered liquidations that crossed $251 million over the past 24 hours, most of which were triggered after the sharp dips in prices, according to Coinglass data.
Binance saw the most liquidations, around $90 million over the past 24 hours, the data indicates. OKX followed at a close second with $75.83 million of liquidations over the past day.
Over $222 million worth of long positions were liquidated, while short positions made up a little over 8% of the total liquidations over the past 24 hours, Coinglass data shows.
Total Ethereum (ETH) positions liquidated over the past day stood at $49.24 million. BTC liquidations stood at $84.06 million, according to Coinglass.
What caused the dip
Crypto bank Silvergate is owned by Silvergate Capital Corporation, whose share price dropped 49% upon the announcement that it will delay its annual report to the Securities and Exchange Commission. The firm said it needed more time to complete its audit.
Silvergate bank said that it may file for bankruptcy owing to a massive sell-off. It is also unable to repay its debts. Many firms, including Coinbase, Circle, and Paxos severed all ties with the troubled bank.
Regarding the crypto market, Sora Ventures CEO Jason Fang told CryptoSlate:
Obviously there’s the current fud surrounding Silvergate and Binance, and we think that the market isn’t in a clear bull yet, but there are some certain sectors that…
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