As traders awaited Jerome Powell, the head of the US central bank, to make a statement, the global cryptocurrency market was trading flat. Trading volumes, however, stayed noticeably lower, indicating that the market is currently in a bearish mood and that further declines may be possible.

The price of bitcoin was essentially unchanged from the previous day’s transactions. In the midst of the volatility, the largest cryptocurrency asset was circling around the $22,500 level. While Ethereum, its biggest rival, was slightly up, rising by just over 0.5 percent, it stayed below the $1,600 mark. However, altcoins stayed quiet.

The weekend was challenging for the cryptocurrency markets as traders and buyers processed the significant negative development from the previous week involving the crypto-friendly bank Silvergate Capital. According to Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch, the stock experienced extreme pressure after it failed to submit its 10-K filing as concerns over bankruptcy gained momentum.

With a few notable outliers, the majority of the most valuable and well-known crypto tokens were trading higher on Tuesday. Avalanche increased by about 3%, while XRP and Polygon each increased by more than 2%. Cardano lost about 1%, followed by Litecoin and Solana as the casualties.

In the previous day, the market capitalization of all cryptocurrencies increased marginally to trade at $1.03 trillion. But the overall selling volume fell by as much as 12%, or about $32.69 billion.

Following the collapse of Silvergate, one of the primary banking providers for the cryptocurrency industry, the total crypto market cap, including all the major tokens, fell by more than 5% over the past week, according to WazirX in its report.

The company has become a favourite among women looking to engage in cryptocurrencies. I’m incredibly happy to report that more than one-fourth of BuyUcoin’s investors are women, and we’ve gotten a tonne of interest from female users since the formal tax system was introduced last year.

After a 10% increase in the middle of the week of February 2023, Bitcoin (BTC) has been closing in the red for the last few weeks. However, as the trend maintained its upward momentum, BTC seemed to indicate promise. Bitcoin’s daily chart is moving through a rising channel pattern with higher lows.

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