Major coins traded in the red on Thursday evening as the cryptocurrency market experienced intense sell-off pressure in response to news of troubles at Silvergate Capital Corp.
What Happened: Apex cryptocurrency Bitcoin BTC/USD was trading below $23,000 after a volatile trading session.
Ethereum ETH/USD was exchanging hands below $1,600. Dogecoin DOGE/USD was trading at $0.078, down 3.81% in the last 24 hours.
At the time of writing, the global crypto market capitalization stood at $1.05 trillion, a decrease of 2.02% over the last day.
In the past 24 hours, 81,843 traders were liquidated, accounting for $240.78 million worth of liquidations, according to CoinGlass Data.
U.S. equities rose Thursday as traders shrugged off concerns about the Federal Reserve’s impending interest rate increase. The S&P 500 gained 0.76% while the Nasdaq Composite added 0.73%.
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