Selling pressure on bitcoin (BTC) helped the broader market, with signs on some major blockchains falling 6% Thursday morning in Asia. Bitcoin fell below $22,000 during European hours on Wednesday, although the broader traditional market remained volatile. \
Ether (ETH) lost more than 2%. Among other large caps, Solana (SOL) and Matic (MATIC) fell 6% in the last 24 hours, while Uniswap’s UNI and Avalanche’s AVAX fell 4% over the same period.
Stocks focused on Artificial Intelligence Graphics ( GRT ) and SingularityAI ( AGIX ) fell 8%, paring gains from a one-month rise. Ecosystem tokens Curve (CRV) and Convex (CVX) fell 7%, while game-focused ImmutableX (IMX) fell more than 12%
The CoinDesk Market Index (CMI), a general index designed to measure the market value of crypto markets, fell 1.2%.
Toncoin (TON) bucked the trend, rising 6% in the last 24 hours with no catalysts. Shiba Inu (SHIB) rose 2.2%, supported by the upcoming beta of Shibarium, its underlying block.
As a result, the full market decline came as the crypto-friendly bank Silvergate said it would “voluntarily liquidate its assets” and cease operations of its company, Silvergate Capital Corp. (OR).
Elsewhere, CoinDesk reported that major US bank JPMorgan (JPM) is ending its banking relationship with Gemini. Meanwhile, the price drop has resulted in more than $100 million in liquidity over the past 24 hours, according to data from research tool Coinglass. Just over 85% of these floats involve short positions or traders who are on the verge of falling. More than $70 million of those numbers were made in Bitcoin and Ether futures contracts alone.
Liquidity occurs when traders borrow money from an exchange to bet on crypto prices with a small initial capital, which is lost when the price reaches a predetermined liquidation level.