CryptoSlate Daily wMarket Update: Market sell-off sees Bitcoin sink to $22,000 CryptoSlate Daily wMarket Update: Market sell-off sees Bitcoin sink to $22,000
The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.
3 min read
Updated: Mar. 3, 2023 at 12:40 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The cryptocurrency market cap saw net outflows of $40.2 billion over the last 24 hours and currently stands at $1.03 trillion — down 3.7% from $1.07 trillion.
Over the reporting period, Bitcoin and Ethereum’s market cap fell 4.5% and 4.8% to $431.98 billion and $191.66 billion, respectively.
The top 10 crypto assets recorded losses since the last report, with Litecoin losing 7.6% in value, followed by Dogecoin, down 5.7%. XRP fared best, falling 3%.
In the last 24 hours, the market caps of Tether (USDT) and USD Coin (USDC) increased to $71.12 billion and $43.14 billion, respectively. Meanwhile, Binance USD (BUSD) fell 4.7% to $9.61 billion.
Bitcoin
In the last 24 hours, Bitcoin decreased 4.5% to trade at $22,362 as of 07:00 ET. Its market dominance was 42.1%.
Over the reporting period, BTC topped out at $23,569. A sharp spill occurred on Thursday evening that found support at $21,998. The leading cryptocurrency has since been ranging between $22,137 and $22,476.
Ethereum
Over the last 24 hours, Ethereum fell 4.8% to trade at $1,566 as of 07:00 ET. Its market dominance was 18.7%.
ETH’s price performance mirrored BTC, peaking at $1,658 before experiencing a significant sell-off that bottomed at $1,550. A weak bounce topped out at $1,577, leading to a flat trading pattern.
Top 5 Gainers
RSK Infrastructure Framework
RIF is the day’s biggest gainer, rising 13.4% over the reporting period to $0.19715 as of press time. The project recently announced accelerating DeFi adoption on Bitcoin in conjunction with Rootstock. Its market cap stood at $186.64 million.
ssv.network
SSV increased 10.7% in the last 24 hours to trade at $43.9275 as of press time. The staking infrastructure protocol was in attendance at DenverETH. Its market cap stood at $439.28 million.
DAO Maker
DAO is up 8% to trade at $1.60079 as of press time. Its market cap stood at $230.42 million.
yearn.finance
YFI gained 7.7% in the last 24 hours to trade at $10,833.22. The project recently teased an ETH liquid staking product. Its market cap stood at $396.9 million.
EOS
EOS jumped 7.9% to $1.26659 as of press time. The EOS Foundation announced several developments, including improvements to governance and plans to evolve into an autonomous network. Its market cap stood at $1.37 billion.
Top 5 Losers
dXdY
DYDX is the day’s biggest loser, falling 13.9% to trade at $2.65566 at the time of writing. Its market cap stood at $414.96 million.
BinaryX
BNX lost 12.3% to $0.88506 as of press time. The project recently implemented a token swap and revaluation plan. Its market cap stood at $255.89 million.
FTX Token
FTX dumped 12.2% to $1.27624 in the last 24 hours. CEO John Ray disclosed an $8.9 billion hole in meeting customer liabilities. Its market cap stood at $419.75 million.
Synapse
SYN shed 12.2% in the last 24 hours to trade at $1.10117. Its market cap stood at $153.91 million.
Terra Classic
LUNC fell 12.1% to $0.00015 over the reporting period. Binance recently announced it would burn 50% of its LUNC spot and margin trading fees instead of 100%. Its market cap stood at $898.42 million.
Mentioned in this article
Bitcoin 
Ethereum 
RSK Infrastructure Framework 
ssv.network 
DAO Maker 
yearn.finance 
EOS 
dYdX (Native) 
BinaryX 
Terra Classic 
FTX Token 
Synapse Author 
Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,324.57
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
RSK Infrastructure Framework
$0.11532
RIF (Rootstock Infrastructure Framework) is a third layer on top of Bitcoin that provides a wide range of solutions based on blockchain technology such as payments, storage, and domaining (RNS).
ssv.network
$19.9632
ssv.network is a decentralized staking infrastructure that powers the distributed operation of Ethereum validators through a unique protocol known as Secret Shared Validators (SSV).
DAO Maker
$0.40734
DAO Maker Token is the governance token of the DAO Maker Ecosystem built on Ethereum, allowing holders to govern the ecosystem.
EOS
$0.67885
EOS is a blockchain protocol that enables horizontal scaling of decentralized applications, allowing developers to efficiently create high performance distributed applications..
dYdX (Native)
$1.28059
DYDX is a governance token that allows the dYdX community to truly govern the dYdX Layer 2 Protocol.
BinaryX
$0.50587
BinaryX ($BNX) is the platform cryptocurrency for the BinaryX ecosystem, which includes the DAO and all products & games utilizing $BNX.
Terra Classic
$0.00011
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
FTX Token
$2.75203
FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
Synapse
$0.48873
Synapse is a cross-chain layer ∞ protocol powering frictionless interoperability between blockchains.