Share this article
First Mover Americas: Crypto Markets Sinking on Silvergate
The latest price moves in crypto markets in context for March 3, 2023.
Updated Mar 3, 2023, 3:36 p.m. Published Mar 3, 2023, 1:34 p.m. 2 min read
This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Latest Prices
CoinDesk Market Index (CMI) 1,051 −48.0 ▼ 4.4% Bitcoin $22,336 −986.9 ▼ 4.2% Ethereum (ETH) $1,566 −63.0 ▼ 3.9% S&P 500 futures 3,996.00 +11.3 ▲ 0.3% FTSE 100 7,947.07 +3.1 ▲ 0.0% Treasury Yield 10 Years 4.07% ▲ 0.1 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
Top Stories
Bitcoin was down 5% early Friday, a day after a spout of negative developments surrounding crypto-friendly U.S. bank Silvergate Capital (SI).On Thursday, Coinbase (COIN), Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets, Galaxy Digital and Gemini all announced they will suspend Automated Clearing House transfers and other business operations with the bank. Silvergate's stock tumbled 58% to $5.72 on Thursday. The wider crypto market also lost ground with major altcoins taking a hit on Friday. Ether, the second-largest cryptocurrency by market capitalization, shed 5%, filecoin (FIL) lost 9%, aptos (APT) was down 8%, and litecoin (LTC) dropped 7%.
The crypto futures market also took a hit, with exchanges liquidating longs or bullish bitcoin futures worth over $62 million during Asian trading hours on Friday. That's the highest amount since August, according to data from Glassnode. Meanwhile, short liquidations totaled just over $500,000. Liquidation happens when the market moves against a trader's bullish or bearish bet, leaving him or her with insufficient funds to keep the leveraged trade open. The dominance of long liquidations shows the leverage was skewed on the bullish side, meaning most traders were positioned for a price rally.
FTX said $8.9 billion in customer funds are missing, according to a report from the Wall Street Journal, saying FTX identified that amount in customer funds that it can’t account for. On Thursday, FTX, a crypto exchange that filed for bankruptcy in November, said it had identified around $2.7 billion of customer assets, compared with $11.6 billion of balances outstanding on customer accounts.
Chart of the Day
- The chart shows bitcoin miners unspent supply or the number of new coins held by miners rather than sold in the market
- The number has declined by 2,000 BTC to 1.8 million BTC, the lowest since July 2021.
- It's a sign of renewed selling by miners, or those responsible for minting new coins.
Trending Posts
More For You
"An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries," wrote President Trump late Saturday afternoon.
What to know:
- Down sharply earlier Saturday, bitcoin moved to gains on the day after President Trump announced a peace agreement with Iran and other Middle Eastern countries.
- As part of the deal, Trump said, the Strait of Hormuz will be reopened.
Top Stories
