The number of cryptocurrency transactions in bitcoin fell by 35% in just 24 hours

The announcement of Silvergate Bank’s «voluntary liquidation» was an expected but unpleasant event for the crypto market, as the prices of top virtual assets immediately dropped. CoinGecko data shows that daily trading volumes on BTC $62,703.17 Bitcoin 1.26% Market capitalization $1.24 trillion VOL. 24 hours $0.53 billion have already dropped by $ 9 billion in March. Analysts predict that traders will conclude monthly deals worth only $ 25 billion. For comparison, in February, trading in the flagship cryptocurrency reached $ 36 billion.

According to CoinMarketCar, the daily trading volume of bitcoin fell to $ 11 billion. And in just 24 hours, transfers to BTC dropped by 35%. The total number of transactions on the blockchain decreased by 17% over the same period of time, and the number of active addresses decreased by 10%.

«Simultaneously with the news of Silvergate’s financial difficulties, we began to observe a drop in the price of BTC, coupled with a noticeable decline in trading volumes across the entire ecosystem,» said Guillaume Chaumont, CEO of Flowdesk brokerage. — «However, the decline in trading volumes should not be seen as a confirmation of the panic that has allegedly gripped the cryptocurrency market. Traders have taken a breather and are planning their next steps while the market digests the collapse of another crypto-asset company.»

As a reminder, on Thursday, March 9, Silvergate Crypto Bank, which had previously reported liquidity problems, announced that it was shutting down. First, all customer deposits will be fully repaid, after which the bank’s operations will be permanently shut down.

It should be added that today,March 10, the value of bitcoin fell by 8.32%. At the time of writing, BTC has dropped below $ 20,000 and is trading at $ 19,901. The market capitalization of the virtual coin is $ 384.3 billion, and the daily trading volume is $ 11.4 billion.