The total crypto market cap lost a key support after contagion fears related to Silvergate Bank led to a market-wide sell-off.
) 4.8% price decline. As expected, there were merely six out of the top 80 cryptocurrencies with positive performances in the past seven days.gained 9% after the EOS Network Foundation announced the final testnet for the Ethereum Virtual Machine launch on March 27.
Perpetual contracts, also known as inverse swaps, have an embedded rate that is usually charged every eight hours. Exchanges use this fee to avoid exchange risk imbalances. Traders can gauge the market’s overall sentiment by measuring whether more activity is going through call options or put options. Generally speaking, call options are used for bullish strategies, whereas put options are for bearish ones.
From a derivatives market perspective, the market showed resilience, so Bitcoin traders may not expect additional corrections despite the bearish indicator from the failed ascending channel. The 4% weekly decline in total market capitalization reflects the uncertainty brought by Silvergate Bank, and it is unlikely to have roots deep enough to cause systemic risk.
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