On Friday, the cryptocurrency markets experienced a downturn, with the global crypto market cap dropping by 4%. Bitcoin (BTC) took a 4.5% hit, trading at $22,386, while Ethereum (ETH) was valued below $1,600. BTC’s 24-hour trading volume was around $26.01 billion, experiencing a 12.56% increase over the same period.
The devaluation of Bitcoin, Ethereum, and other cryptocurrencies occurred in the last 24 hours due to the release of US manufacturing data and uncertainties regarding crypto companies’ access to banking services in the US. Additionally, the impact of Silvergate’s situation has contributed to the decline. Bitcoin has reached its lowest point in roughly two weeks and is currently trading at $22,300, below the $23,000 mark.