Big round numbers always pique the interest of investors, and the $1 trillion total crypto market capitalization is no exception. It’s a level that held for 48 days before collapsing on March 9. After a 16-hour negative 8.6% price movement, the indicator fell to $914 billion, its lowest level since Jan.13.
Concerns about the stability of the United States banking industry are growing. The downfall and closure of Silvergate Bank, and the shutdown of Silicon Valley Bank (SVB) by the California Department of Financial Protection and Innovation are among the reasons for the crypto market dropping below the $1 trillion market capitalization support. Silvergate was a critical fiat gateway network for cryptocurrency exchanges and intermediaries.