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Total crypto market cap takes a hit amid Silvergate Bank crisis

Published 03/03/2023, 01:01 PM
Updated 03/04/2023, 02:40 PM

Cryptocurrency markets experienced a relatively calm month in February as the total market capitalization gained 4% in the period. However, the fear of regulatory pressure appears to be having an impact on volatility in March.

Bulls will undoubtedly miss the technical pattern that has been guiding the total crypto market capitalization upward for the past 48 days. Unfortunately, not all trends last forever, and the 6.3% price correction on March 2 was enough to break below the ascending channel support level.

Total crypto market cap in USD, 12-hour. Source: TradingView
Weekly winners and losers among the top 80 coins. Source: Messari
Perpetual futures accumulated 7-day funding rate on March 3. Source: Coinglass
BTC options volume put-to-call ratio. Source: Laevitas.ch

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