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Due to profit taking and bad news about Credit Suisse bank, Bitcoin and other crypto tokens were selling in the deep red on Thursday. The markets for riskier commodities are likely to be most concerned about a liquidity crunch, especially in light of Silicon Valley Bank's failure.

Bitcoin was once again above the predetermined psychological levels after trying the $24,000 level and had fallen more than 1% in the previous day. However, Ethereum, which is its biggest rival, reported a larger decrease and was below the $1,700 mark. Altcoin, however, experienced a severe drop.

On Thursday, all other well-known crypto tokens were trading with significant losses aside from the stablecoins linked to the US dollar. Avalanche experienced a 10% decline, whereas Litecoin, Shiba Inu, and Solana all experienced 8% declines. Polkadot and Cardano both lost 6 percent, while Polygon fell by 7 percent.

The market capitalization of all cryptocurrencies was down significantly, trading at $1.17 trillion, after dropping as much as 3% over the previous day. Similar to this, overall trading volume fell by close to 21%, or about $81.03 billion.