Bitcoin is trading below US$22,500; Ether, another crypto fall

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Cryptocurrencies started the work week in Asia in the red, with Bitcoin, Ether and the rest of the top 10 non-stable tokens trading lower on Monday morning. Concern is still evident over the fate of crypto bank Silvergate, which warned of financial troubles last week. Several leading crypto platforms have cut ties with the bank. Those concerns took precedence over Friday’s bullish day for U.S. stocks, with comments from Federal Reserve officials appearing to ease worries about steeper interest rate hikes to come. Fed Chairman Jerome Powell is appearing before Congress this week to provide more insight into the central bank’s current policy views.

See related article: Circle joins Crypto.com and Coinbase to sever ties with embattled crypto-bank Silvergate

Fast factsBitcoin was down slightly by 0.45% in the past 24 hours to hit US$22,465 as of 9:30 a.m. in Hong Kong, according to data from CoinMarketCap, bringing its seven-day loss to 4.33%. Ether fell 0.98% to US$1,567, losing 4.15% over the past seven days. Solana fell 2.48% to US$20.96 and is down 9.09% for the week. Solana Labs unveiled a plan to improve network upgrades last Wednesday, after an issue slowed transactions on Solana and forced the network to restart on February 26. XRP fell 2.35% to US$0.37, for a weekly loss of 2.48%. Ripple, the XRP-powered crypto payment network, said last Friday that a recent U.S. Supreme Court ruling supports Ripple in its ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC), according to Reuters. Silvergate Bank discontinued the Silvergate Exchange Network (SEN) on Friday, a service that allowed customers to transact around the clock. Silvergate said Thursday it was evaluating its ability to continue operations, leading several companies crypto to sever their ties with the troubled bank. The total crypto market capitalization increased by 0.33% in the past 24 hours to US$1.03 trillion. Total trading volume in the past 24 hours increased by 7.76% to US$28.85 billion. US stocks closed higher on Friday. The Dow Jones Industrial Average rose 1.17%, the S&P 500 rose 1.61% and the Nasdaq Composite Index posted the largest gain of 1.97%. The stock market rally followed Atlanta Fed President Raphael Bostic’s comment that he favored an interest rate hike when the Fed meets later this month, which is in line with expectations. of the market. He also suggested that the series of rate hikes that began last year to deal with soaring inflation could end by summer. However, Bostic and Fed Governor Christopher Waller both stressed that the Fed would be guided by what the data shows on inflation. Fed Chairman Jerome Powell during his appearance before the Senate Banking Committee and the House Financial Services Committee on Tuesday and Wednesday. 2007. CME Group analysts expect a 73.0% chance that the Fed will raise rates another 25 basis points this month. They also predict a 27.0% probability for a 50 basis point increase, down from 27.7% last Friday.

See Related Article: Ethereum Core Developers Postpone Shanghai Hard Fork to Early April

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