Arslan Butt
The Optimism (OP) Coin has failed to halt its previous long decline and has lost further ground around the $2.50 mark. Over the last seven days, it has fallen more than 20%, from $3.2 to $2.4.
The downward rally in the OP Coin may be attributed to various factors, including the release of US manufacturing data and uncertainties surrounding the accessibility of banking services for crypto companies in the US.
These factors have imposed severe bearish pressure on the cryptocurrency market.
Today's trendy coin is @optimismFND $OP, categorized as #Optimism Ecosystem#Layer 2 (L2)
Customers opinion about Optimism
23.16% pessimistic
76.84% optimisticExchange rate $2.47
Price changes
day: -9.%
week: -14%
month: 13.%⚡️Ge pic.twitter.com/DIJwOa8ULd
— DAILY CRYPTO NEWS (@DCNmediaUS) March 3, 2023
In addition, on Friday, the two most well-known cryptocurrencies in the world, Bitcoin (BTC) and Ethereum (ETH) fell below the $23,000 and $1,600 mark, respectively, as the overall cryptocurrency market experienced a significant decline.
The price of #Bitcoin has dropped over 5% to $22000 due to uncertainty about #SilvergateCapital
This has wiped $22B from #BTC MCap
Experts believe it is linked to recent #Silvergate Bank controversy & US regulators efforts to restrict ties between bank & #crypto firms pic.twitter.com/1W6tiA7CN8
— Elite Crypto (@TheEliteCrypto) March 3, 2023
This can be attributed to the fallout at Silvergate, a crypto-friendly US bank, which has recently announced that it is evaluating its ability to continue operations. As a result, the market capitalization of cryptocurrencies fell to $1.02 trillion, representing a 4.45% decrease over the previous 24 hours.
$185 million has been liquidated from the #crypto market within the last 24 hours causing a unnatural short term drop!
I’m loading up –$GGG @goodgamesguild $SIDUS @galaxy_sidus $VRA @verasitytech
The bounce back will be tremendous! pic.twitter.com/VRWWeDEVI1
— Einstein (@Einstein_BTC_) March 3, 2023
Optimism Price
At present, the price of Optimism is $2.55, and its 24-hour trading volume is $325,454,385. Over the previous 24 hours, the coin has dropped by 4.5%. Optimism is currently ranked #62 in the market, with a live market size of $803,089,172.
The coin has a total quantity of 4,294,967,296 OP coins, and the circulating supply is 314,844,141 OP coins.
Silvergate Uncertainty Increases Market Volatility and Weakens Crypto
As mentioned earlier, the value of the cryptocurrency experienced a significant drop on the day. This was evident in the over 5% decline in Bitcoin and Ether in the past few hours. This decline could be attributed to various factors, including the release of US manufacturing data and concerns over the cryptocurrency industry’s access to financial institutions in the United States.
The price of #Bitcoin has dropped over 5% to $22000 due to uncertainty about #SilvergateCapital
This has wiped $22B from #BTC MCap
Experts believe it is linked to recent #Silvergate Bank controversy & US regulators efforts to restrict ties between bank & #crypto firms pic.twitter.com/1W6tiA7CN8
— Elite Crypto (@TheEliteCrypto) March 3, 2023
Furthermore, the recent Silvergate incident has also had a significant impact on the decline in cryptocurrency prices, including the value of the Optimism coin.
It is noteworthy that Silvergate Capital (SI) recently announced a delay in the filing of its annual report due to losses incurred from the FTX collapse in November and multiple regulatory inquiries.
The US-based crypto bank’s announcement has raised concerns about its ability to continue operations, thereby contributing to the negative sentiment in the cryptocurrency market.
Silvergate Capital (SI -57.69%), the crypto bank that's been under financial pressure for months. In a filing with the (SEC), the company said it is evaluating "its ability to continue as a going concern," which is often a precursor to filing for bankruptcy. $AMC $APE #AMC #APE pic.twitter.com/39MNsTNGrK
— Frank's Place (@StockSenseFrank) March 2, 2023
Risk-Off Sentiment Takes Over Crypto Market
The global cryptocurrency market has been experiencing a decline and is expected to end the week on a bearish note due to various factors.
This includes the recent release of strong US economic data, which has fueled speculation that the Federal Reserve may implement more forceful interest rate hikes to counteract persistent inflation.
$BTC Ascending Broadening Wedge Formation.
If Bitcoin Bulls hold the 22k Support, Bitcoin might go up to 25.6k, if it breaks, it could go down to 20k.#Crypto #Bitcoin #BTC pic.twitter.com/YdOyB1Rpfv
— Captain Faibik (@CryptoFaibik) March 3, 2023
Investors and traders are keeping a close eye on economic statistics and other indicators in order to prepare for potential interest rate increases and inflation.
Coinbase Launches Layer 2 Network Using Optimism Technology
On a positive note, Coinbase, the world’s most trusted cryptocurrency exchange, has recently announced Base, a layer 2 network built with Optimism’s OP Stack. The move aims to attract millions of additional cryptocurrency users in the coming years.
As per the company’s announcement, Coinbase will work with Optimism as a core developer on the open-source OP Stack, a developer toolkit for the Optimism network.
Coinbase releases Base, a layer-2 #Ethereum network for their on-chain products and decentralized apps! The testnet is live and mainnet is coming soon. Coinbase is the first publicly traded company to launch a layer-2 #blockchain. #Optimism #Crypto
— Krypton AI (@KryptonAi) February 23, 2023
It is worth noting that Coinbase launched the Base testnet on Thursday with the aim of providing speedy and secure access to tier 2 networks such as the Optimism network and other blockchain ecosystems like Solana.
This development is particularly positive news for Optimism coin, as it could help limit further losses in the coming days. The launch of Base indicates a potential increase in demand for the Optimism network, which could translate to a boost in the value of the Optimism coin.
Related:
- Here’s Why Crypto Prices Are Crashing Today And it May Be Good Reason to Buy The Dip
- Bitcoin Price Prediction – After Sunday Bounce Can BTC Get a Green Candle This Week?
- Neo Price Prediction – Up 12% to $13.2, Could the China’s Ethereum Reach $50 Soon?
Fight Out - Next Big Train-to-Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $5M Raised
- Real-World Community, Gym Chain
This article was written for Business 2 Community by Arslan Butt.
Learn how to publish your content on B2C
Join our Telegram channel to stay up to date on breaking news coverage
Add B2C to your Google News Feed
Discuss This Article
Add a New Comment /Reply
Thanks for adding to the conversation!
Our comments are moderated. Your comment may not appear immediately.