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Bitcoin gains, all other top 10 cryptos in the red amid Silvergate fallout

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Bitcoin gained in Monday afternoon trade in Asia while all other top 10 non-stablecoin cryptocurrencies by market capitalization posted losses. Investors remained concerned over California-based cryptocurrency bank Silvergate Capital Corp.’s financial woes and a potential fallout, while many crypto companies distanced themselves from the bank.

See related article: Bybit suspends U.S. dollar bank transfers, possible link to Silvergate shuttering crypto banking network

Fast facts

  • Bitcoin, the largest cryptocurrency by market capitalization, rose 0.03% to US$22,401 at 4 p.m. in Hong Kong on Monday, after losing 4.42% in the past seven days. Ether dropped 0.46% to US$1,561 and has lost 4.54% on the week, according to CoinMarketCap data. 
  • XRP was the biggest loser among top 10 cryptos, dropping 2.71% to US$0.3633, with weekly losses of 3.2%. San Francisco-based Ripple, the crypto payment network powered by XRP, said last week that a recent U.S. Supreme Court decision was in support of its ongoing tussle with the U.S. Securities and Exchange Commission. 
  • Solana’s native token fell 2.48% in the last 24 hours to US$20.78. Sol is down 9.35% on the weekly chart, after facing an 18-hour network outage on Feb. 25. 
  • The global crypto market cap dropped 0.39% to US$1.02 trillion, while the total crypto market volume slipped 1.68% in the last 24 hours to US$29.52 billion. 
  • Asian equity markets were mixed on Monday after China announced a modest economic growth target of 5% in 2023 – one of its lowest targets in decades. Investors are turning to Chinese trade and inflation data due for release this week, economic data from the U.S. and directions from the Federal Reserve this week on interest rates.  
  • The Shanghai Composite lost 0.19% on Monday while the Shenzhen Component Index slipped 0.08%. Hong Kong’s Hang Seng Index ended the day 0.17% higher, while Japan’s Nikkei 225 gained 1.11%. 
  • European stocks rose on Monday, after having the best weekly performance since the start of 2023. The STOXX 600 rose 0.26% and Germany’s DAX 40 gained 0.58%, both reaching their highest level since February 2022.
  • The EU50, the benchmark index for the Euro area, also gained 13.77% since the beginning of the year.
  • Eurozone retail trade data will be released later today. European Central Bank Chief Economist Philip Lane will also speak about the bank’s monetary policy tightening.
  • See related article: Binance documents show ties to U.S. unit unknown to regulators, WSJ reports

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