- The cryptocurrency market has gone up significantly after bottoming out on Friday.
- The global market capitalization of cryptocurrencies has once again risen above $1 trillion.
- The recent rally in the cryptocurrency market has led to many liquidations.
On Monday, March 13, Bitcoin (BTC) and Ethereum (ETH), along with several other cryptocurrency tokens, has seen a significant rally after previously making lows on Friday, as the dust settled in reaction to the crash. Silicon Valley Bank and growing fears of a broader financial crisis.
This rally saw Bitcoin and Ethereum rise by more than 9% and 5% respectively, despite the negative impact of the bank crash on some companies in the industry.
On Friday, several cryptocurrency companies revealed that they had been exposed to the failure of Silicon Valley, which had caused an uproar panic market Briefly. However, the cumulative value of the cryptocurrency has since increased by nearly 15% from Friday’s close, hovering above the $1 trillion mark at the time of writing. The sudden surge in the cryptocurrency market caught many investors by surprise, with liquidation rates pointing to widespread surprise and shock.
Millions in short liquidation lead to market pumping
Within 24 hours, the cryptocurrency market saw $61.77 million in long positions and $305.44 million in short positions liquidation. The liquidations on the exchange were also significant, totaling $130 million in the past four hours.
These events caused Great filter rateswith Coinglass Reporting about 418 BTC and nearly 4,500 ETH from the liquidation. These numbers total around $10.8 million and $7.8 million, respectively.
on the flip side
- The recent rise of cryptocurrency amid the traditional banking crisis has highlighted the ability of digital currencies to operate independently of traditional financial institutions.
- Recent banking crises and financial uncertainties will continue to fuel volatility in the cryptocurrency market.
Why should you bother
Despite fears of a broader financial crisis due to the collapse of a Silicon Valley bank, the cryptocurrency market has rebounded. This unexpected turn of events highlights the resilience of the cryptocurrency market and its potential for significant growth and development outside the traditional banking system. Crypto is designed to be removed from traditional banks, and this recent price hike shows that some investors are realizing the value of this decentralized model.
Stay on top of the latest developments from the Silvergate and Silicon Valley meltdown:
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