The value of major cryptocurrencies dropped amid worries about the viability of cryptocurrency bank Silvergate, which has seen a rapid exodus of important clients in recent days. Bitcoin (BTC) was trading in the mid-$22,000 region in its most recent transaction, down about 4.5% on the day. Ether (ETH), the cryptocurrency that powers the Ethereum network, was last trading in the high $1,500 region, down about 4.7% on the day. The entire market value of cryptocurrencies was last assessed at $986 billion, down 4.4% or approximately $43 billion on the day.
As a consequence of the market decline, there has been a rise in trader liquidations. According to the data analytics website coinglass.com for crypto derivatives, long contracts in the cryptocurrency futures market worth more than $210 million were closed on March 2nd. It has reached its highest level in a month.
Ethereum Price Prediction
Some analysts believe that the transfer of some of Mt. Gox’s bitcoin to victims of the exchange’s long-ago breach may have raised the pressure to sell. Nonetheless, Bitcoin is now more than 11% lower than its recent highs above $25,000, while Ethereum is roughly 10% lower than its recent highs in the mid-$1,700 region.
Today’s Ethereum Price
Ether may profit from the upward tendency in stock values in the future days and weeks. Future Ethereum network upgrades could have the same impact. The Shapella hard fork will take place later this month on the final major public Ethereum testnet, clearing the way for an upgrade to the mainnet the following month. The main advantage of the forthcoming update is that staked ETH withdrawals will eventually be accepted.
While some believe this will raise sales pressure momentarily as ETH investors benefit from their removed ETH and ETH profits, the majority believe it will be a long-term incentive.