Tevarak
Bitcoin (BTC-USD), ethereum (ETH-USD) and other major cryptocurrencies slid in Friday afternoon as renewed concerns over the global banking system took hold after market participants turned their attention to Deutsche Bank (DB), the largest lender in Germany.
Overall, the global crypto market cap retreated 2.4% to $1.16T, according to CoinMarketCap data. Driving the slump was bitcoin’s (BTC-USD) 1.9% drop to $27.81K and ether’s (ETH-USD) 3.8% fall to $1.76K as of shortly before 1:30 p.m. ET.
Downward pressure across the crypto market was also spurred by Binance — the world’s largest crypto exchange by trading volume — temporarily halting all spot trading due to a bug.
Calling it a “temporary system maintenance,” the platform said trading resumed at 2:00 p.m. UTC (10:00 a.m. ET), adding that withdrawals will resume shortly after spot trading starts, according to a release. Trailing stop order, however, will be paused “until further notice,” it said.
Nonetheless, most crypto prices and crypto-related stocks still traded in the red. Riot Platforms (RIOT), -7.7%, Marathon Digital (MARA), -6.2%, Hut 8 Mining (HUT), -8.9%, and MicroStrategy (MSTR), -1.3%, were among the losers. Other catalysts supporting the bearish price action include growing regulatory scrutiny of the space.
Binance peer Coinbase Global (COIN), meantime, saw its shares rise 1.2%, after sliding in the premarket session, despite sell-side analysts calling for a bearish outlook for the exchange after receiving a Wells notice. Take a look at SA contributor Mike Fay’s take on the situation.
The risk-off sentiment in crypto coincided with a weaker stock market as the jitters surrounding DB signaled that bank worries were not in the rearview mirror.
