The cryptocurrency market was predominantly in red trading as the global market capitalization dropped overnight from a 24-hour high of $1.08 trillion to $1.03 trillion, a 3.69% decrease. The latest slump comes after Silvergate Capital, a crypto-friendly bank based in California, USA, raised doubts to the US Securities and Exchange Commission about the bank's capability to continue operations.

Silvergate Capital had reportedly lent out a majority of its funds to crypto exchanges and was hit heavily by the crash of the $32 billion exchange FTX in November last year. The bank's announcement immediately cast doubt on the crypto industry as several crypto firms suspended doing business with the bank causing its share prices to crash by 58%.

The crisis caused a significant drop in the prices of Bitcoin (BTC) and Ethereum (ETH) overnight, sparking an extremely volatile market across the board. On the lighter side of things, Dogetti (DETI) has been steadily gaining numbers in its presale.

Bitcoin: Slivegate Fallout Eliminates Bullish Traders

Bitcoin (BTC), the world's largest cryptocurrency, nosedived to its lowest price since early February as fears of the Silvergate fallout caused a ripple effect across the marketplace. Bitcoin was trading at $25,003.66 and slid to $23,438.67 before crashing to its current price of $22,371.47, a 4.53% drop.

Bitcoin was indicating a weekly downward trend of 6.41%, and experts are not showing any indication of a possible trend termination or reversal. Every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, hence the persistent high bearish pressure.

Ethereum: Bulls Expected in March?

The world's second most powerful cryptocurrency, Ethereum (ETH), has been trading in a sideways range between $1600 and $1700 since mid-February but declined drastically by 4.47% overnight to trade at its current price of $1,565.39, continuing its 7-day downward movement of 5.02%.

However, despite the bearish outlook, traders are looking optimistic about Ethereum's movement in March with a 25% correction before it begins the next bull cycle.

At the time of writing, Ethereum has a market capitalization of $191 billion and a 24-hour trading volume of $9.7 billion.

Dogetti: Presale Focussed

Dogetti (DETI) is steadily racking up the numbers in its presale as it is just a few moments away from moving on to stage 2. Launched in early February, Dogetti is a doge-based meme token with a standout ecosystem and tokenomics which is owned and controlled by the community or the 'Dogetti Family".

Currently, in stage 1 of its presale, Dogetti has raised $376,539 in presale tokens and will launch stage 2 when it reaches $500,000. DETI holders can use the bonus code 'WISEGUY25' to receive an additional 25% DETI tokens when the meme token goes live on the market. A DETI token in stage 1 is worth $0.00007 and will surge by 300% in stage 2 to $0.00029 and by 900% to $0.0007 in stage 5 when the currency goes live on the market.

Dogetti's ecosystem is the hype of the project with DogettiNFTs, which DETI users can adopt as their very own Dogetti puppy and use as a digital companion to own, sell and trade in exchange for fiat or crypto. DogettiSwap can swap any ERC-20 token with a 6% transaction fee; 2% of it will be redistributed among all Dogetti token holders, 2% will be added to a charity wallet owned by the community, and 2% will be split between the liquidity and burn wallets. DogettiDAO can enable the DETI family to shape the direction of the project and earn rewards for their participation.

Find out more about Dogetti (DETI):

Presale: https://dogetti.io/how-to-buy

Website: https://dogetti.io/

Telegram: https://t.me/Dogetti

Twitter: https://twitter.com/_Dogetti_