diff --git a/healthmanager/providers_health_manager.go b/healthmanager/providers_health_manager.go
index d864c88f0..09b69b21d 100644
--- a/healthmanager/providers_health_manager.go
+++ b/healthmanager/providers_health_manager.go
@@ -9,6 +9,12 @@ import (
 	"github.com/status-im/status-go/healthmanager/rpcstatus"
 )
 
+// Aggregated provider contains both aggregated status of providers and status per provider.
+type AggregatedProviderStatus struct {
+	Status            rpcstatus.ProviderStatus            `json:"status"`
+	StatusPerProvider map[string]rpcstatus.ProviderStatus `json:"statusPerProvider"`
+}
+
 type ProvidersHealthManager struct {
 	mu          sync.RWMutex
 	chainID     uint64
@@ -108,6 +114,15 @@ func (p *ProvidersHealthManager) Status() rpcstatus.ProviderStatus {
 	return p.aggregator.GetAggregatedStatus()
 }
 
+func (p *ProvidersHealthManager) GetAggregatedProviderStatus() AggregatedProviderStatus {
+	p.mu.RLock()
+	defer p.mu.RUnlock()
+	return AggregatedProviderStatus{
+		Status:            p.aggregator.GetAggregatedStatus(),
+		StatusPerProvider: p.aggregator.GetStatuses(),
+	}
+}
+
 // ChainID returns the ID of the chain.
 func (p *ProvidersHealthManager) ChainID() uint64 {
 	return p.chainID
diff --git a/rpc/chain/client.go b/rpc/chain/client.go
index 226c5aa73..bb3a85fea 100644
--- a/rpc/chain/client.go
+++ b/rpc/chain/client.go
@@ -7,20 +7,17 @@ import (
 	"errors"
 	"fmt"
 	"math/big"
-	"strings"
-	"sync/atomic"
-	"time"
 
 	"github.com/ethereum/go-ethereum"
 	"github.com/ethereum/go-ethereum/accounts/abi/bind"
 	"github.com/ethereum/go-ethereum/common"
-	"github.com/ethereum/go-ethereum/core"
 	"github.com/ethereum/go-ethereum/core/types"
 	"github.com/ethereum/go-ethereum/core/vm"
 	"github.com/ethereum/go-ethereum/log"
 	"github.com/ethereum/go-ethereum/rpc"
 	"github.com/status-im/status-go/circuitbreaker"
 	"github.com/status-im/status-go/healthmanager"
+	"github.com/status-im/status-go/healthmanager/provider_errors"
 	"github.com/status-im/status-go/healthmanager/rpcstatus"
 	"github.com/status-im/status-go/rpc/chain/ethclient"
 	"github.com/status-im/status-go/rpc/chain/rpclimiter"
@@ -33,8 +30,6 @@ type ClientInterface interface {
 	ethclient.EthClientInterface
 	NetworkID() uint64
 	ToBigInt() *big.Int
-	GetWalletNotifier() func(chainId uint64, message string)
-	SetWalletNotifier(notifier func(chainId uint64, message string))
 	connection.Connectable
 	GetLimiter() rpclimiter.RequestLimiter
 	SetLimiter(rpclimiter.RequestLimiter)
@@ -71,11 +66,6 @@ type ClientWithFallback struct {
 	circuitbreaker         *circuitbreaker.CircuitBreaker
 	providersHealthManager *healthmanager.ProvidersHealthManager
 
-	WalletNotifier func(chainId uint64, message string)
-
-	isConnected   *atomic.Bool
-	LastCheckedAt int64
-
 	tag      string // tag for the limiter
 	groupTag string // tag for the limiter group
 }
@@ -86,9 +76,6 @@ func (c *ClientWithFallback) Copy() interface{} {
 		ethClients:     c.ethClients,
 		commonLimiter:  c.commonLimiter,
 		circuitbreaker: c.circuitbreaker,
-		WalletNotifier: c.WalletNotifier,
-		isConnected:    c.isConnected,
-		LastCheckedAt:  c.LastCheckedAt,
 		tag:            c.tag,
 		groupTag:       c.groupTag,
 	}
@@ -122,14 +109,9 @@ func NewClient(ethClients []ethclient.RPSLimitedEthClientInterface, chainID uint
 		ErrorPercentThreshold: 25,
 	}
 
-	isConnected := &atomic.Bool{}
-	isConnected.Store(true)
-
 	return &ClientWithFallback{
 		ChainID:                chainID,
 		ethClients:             ethClients,
-		isConnected:            isConnected,
-		LastCheckedAt:          time.Now().Unix(),
 		circuitbreaker:         circuitbreaker.NewCircuitBreaker(cbConfig),
 		providersHealthManager: providersHealthManager,
 	}
@@ -141,53 +123,12 @@ func (c *ClientWithFallback) Close() {
 	}
 }
 
-// Not found should not be cancelling the requests, as that's returned
-// when we are hitting a non archival node for example, it should continue the
-// chain as the next provider might have archival support.
-func isNotFoundError(err error) bool {
-	return strings.Contains(err.Error(), ethereum.NotFound.Error())
-}
-
-func isVMError(err error) bool {
-	if strings.Contains(err.Error(), core.ErrInsufficientFunds.Error()) {
-		return true
-	}
-	for _, vmError := range propagateErrors {
-		if strings.Contains(err.Error(), vmError.Error()) {
-			return true
-		}
-	}
-	return false
-}
-
-func isRPSLimitError(err error) bool {
-	return strings.Contains(err.Error(), "backoff_seconds") ||
-		strings.Contains(err.Error(), "has exceeded its throughput limit") ||
-		strings.Contains(err.Error(), "request rate exceeded")
-}
-
-func (c *ClientWithFallback) SetIsConnected(value bool) {
-	c.LastCheckedAt = time.Now().Unix()
-	if !value {
-		if c.isConnected.Load() {
-			if c.WalletNotifier != nil {
-				c.WalletNotifier(c.ChainID, "down")
-			}
-			c.isConnected.Store(false)
-		}
-
-	} else {
-		if !c.isConnected.Load() {
-			c.isConnected.Store(true)
-			if c.WalletNotifier != nil {
-				c.WalletNotifier(c.ChainID, "up")
-			}
-		}
-	}
+func (c *ClientWithFallback) SetIsConnected(bool) {
+	log.Warn("SetIsConnected shouldn't be invoked. ProviderHealthManager takes care about the status.")
 }
 
 func (c *ClientWithFallback) IsConnected() bool {
-	return c.isConnected.Load()
+	return c.providersHealthManager.Status().Status == rpcstatus.StatusUp
 }
 
 func (c *ClientWithFallback) makeCall(ctx context.Context, ethClients []ethclient.RPSLimitedEthClientInterface, f func(client ethclient.RPSLimitedEthClientInterface) (interface{}, error)) (interface{}, error) {
@@ -201,8 +142,6 @@ func (c *ClientWithFallback) makeCall(ctx context.Context, ethClients []ethclien
 		}
 	}
 
-	c.LastCheckedAt = time.Now().Unix()
-
 	cmd := circuitbreaker.NewCommand(ctx, nil)
 	for _, provider := range ethClients {
 		provider := provider
@@ -217,7 +156,7 @@ func (c *ClientWithFallback) makeCall(ctx context.Context, ethClients []ethclien
 
 			res, err := f(provider)
 			if err != nil {
-				if limiter != nil && isRPSLimitError(err) {
+				if limiter != nil && provider_errors.IsRateLimitError(err) {
 					provider.GetLimiter().ReduceLimit()
 
 					err = provider.GetLimiter().WaitForRequestsAvailability(1)
@@ -231,7 +170,7 @@ func (c *ClientWithFallback) makeCall(ctx context.Context, ethClients []ethclien
 					}
 				}
 
-				if isVMError(err) || errors.Is(err, context.Canceled) {
+				if provider_errors.IsVMError(err) || errors.Is(err, context.Canceled) {
 					cmd.Cancel()
 				}
 
@@ -249,7 +188,6 @@ func (c *ClientWithFallback) makeCall(ctx context.Context, ethClients []ethclien
 	if result.Error() != nil {
 		return nil, result.Error()
 	}
-
 	return result.Result()[0], nil
 }
 
@@ -262,8 +200,6 @@ func (c *ClientWithFallback) BlockByHash(ctx context.Context, hash common.Hash)
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -279,8 +215,6 @@ func (c *ClientWithFallback) BlockByNumber(ctx context.Context, number *big.Int)
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -297,8 +231,6 @@ func (c *ClientWithFallback) BlockNumber(ctx context.Context) (uint64, error) {
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return 0, err
 	}
@@ -314,8 +246,6 @@ func (c *ClientWithFallback) HeaderByHash(ctx context.Context, hash common.Hash)
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -331,8 +261,6 @@ func (c *ClientWithFallback) HeaderByNumber(ctx context.Context, number *big.Int
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -350,8 +278,6 @@ func (c *ClientWithFallback) TransactionByHash(ctx context.Context, hash common.
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, false, err
 	}
@@ -369,8 +295,6 @@ func (c *ClientWithFallback) TransactionSender(ctx context.Context, tx *types.Tr
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	return res.(common.Address), err
 }
 
@@ -383,8 +307,6 @@ func (c *ClientWithFallback) TransactionReceipt(ctx context.Context, txHash comm
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -401,8 +323,6 @@ func (c *ClientWithFallback) SyncProgress(ctx context.Context) (*ethereum.SyncPr
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -423,8 +343,6 @@ func (c *ClientWithFallback) BalanceAt(ctx context.Context, account common.Addre
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -441,8 +359,6 @@ func (c *ClientWithFallback) StorageAt(ctx context.Context, account common.Addre
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -459,8 +375,6 @@ func (c *ClientWithFallback) CodeAt(ctx context.Context, account common.Address,
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -477,8 +391,6 @@ func (c *ClientWithFallback) NonceAt(ctx context.Context, account common.Address
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return 0, err
 	}
@@ -520,8 +432,6 @@ func (c *ClientWithFallback) SubscribeFilterLogs(ctx context.Context, q ethereum
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -538,8 +448,6 @@ func (c *ClientWithFallback) PendingBalanceAt(ctx context.Context, account commo
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -556,8 +464,6 @@ func (c *ClientWithFallback) PendingStorageAt(ctx context.Context, account commo
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -574,8 +480,6 @@ func (c *ClientWithFallback) PendingCodeAt(ctx context.Context, account common.A
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -592,8 +496,6 @@ func (c *ClientWithFallback) PendingNonceAt(ctx context.Context, account common.
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return 0, err
 	}
@@ -610,8 +512,6 @@ func (c *ClientWithFallback) PendingTransactionCount(ctx context.Context) (uint,
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return 0, err
 	}
@@ -628,8 +528,6 @@ func (c *ClientWithFallback) CallContract(ctx context.Context, msg ethereum.Call
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -646,8 +544,6 @@ func (c *ClientWithFallback) PendingCallContract(ctx context.Context, msg ethere
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -664,8 +560,6 @@ func (c *ClientWithFallback) SuggestGasPrice(ctx context.Context) (*big.Int, err
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -682,8 +576,6 @@ func (c *ClientWithFallback) SuggestGasTipCap(ctx context.Context) (*big.Int, er
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -700,8 +592,6 @@ func (c *ClientWithFallback) FeeHistory(ctx context.Context, blockCount uint64,
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return nil, err
 	}
@@ -718,8 +608,6 @@ func (c *ClientWithFallback) EstimateGas(ctx context.Context, msg ethereum.CallM
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	if err != nil {
 		return 0, err
 	}
@@ -736,8 +624,6 @@ func (c *ClientWithFallback) SendTransaction(ctx context.Context, tx *types.Tran
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	return err
 }
 
@@ -750,8 +636,6 @@ func (c *ClientWithFallback) CallContext(ctx context.Context, result interface{}
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	return err
 }
 
@@ -764,8 +648,6 @@ func (c *ClientWithFallback) BatchCallContext(ctx context.Context, b []rpc.Batch
 		},
 	)
 
-	c.toggleConnectionState(err)
-
 	return err
 }
 
@@ -793,27 +675,6 @@ func (c *ClientWithFallback) GetBaseFeeFromBlock(ctx context.Context, blockNumbe
 	return baseGasFee, err
 }
 
-func (c *ClientWithFallback) GetWalletNotifier() func(chainId uint64, message string) {
-	return c.WalletNotifier
-}
-
-func (c *ClientWithFallback) SetWalletNotifier(notifier func(chainId uint64, message string)) {
-	c.WalletNotifier = notifier
-}
-
-func (c *ClientWithFallback) toggleConnectionState(err error) {
-	connected := true
-	if err != nil {
-		if !isNotFoundError(err) && !isVMError(err) && !errors.Is(err, rpclimiter.ErrRequestsOverLimit) && !errors.Is(err, context.Canceled) {
-			log.Warn("Error not in chain call", "error", err, "chain", c.ChainID)
-			connected = false
-		} else {
-			log.Warn("Error in chain call", "error", err)
-		}
-	}
-	c.SetIsConnected(connected)
-}
-
 func (c *ClientWithFallback) Tag() string {
 	return c.tag
 }
diff --git a/rpc/client.go b/rpc/client.go
index c335cd003..902af22b0 100644
--- a/rpc/client.go
+++ b/rpc/client.go
@@ -52,6 +52,7 @@ const (
 	// if we see this user agent in the logs that means parts of the application are using a malconfigured http client
 	rpcUserAgentUpstreamFormat = "procuratee-%s-upstream/%s"
 
+	EventBlockchainStatusChanged walletevent.EventType = "wallet-blockchain-status-changed" // deprecated
 	EventBlockchainHealthChanged walletevent.EventType = "wallet-blockchain-health-changed" // Full status of the blockchain (including provider statuses)
 )
 
@@ -114,7 +115,6 @@ type Client struct {
 	handlers   map[string]Handler // locally registered handlers
 	log        log.Logger
 
-	walletNotifier  func(chainID uint64, message string)
 	providerConfigs []params.ProviderConfig
 }
 
@@ -161,7 +161,7 @@ func NewClient(config ClientConfig) (*Client, error) {
 		walletFeed:         config.WalletFeed,
 	}
 
-	c.UpstreamChainID = upstreamChainID
+	c.UpstreamChainID = config.UpstreamChainID
 	c.router = newRouter(true)
 
 	if verifProxyInitFn != nil {
@@ -194,17 +194,42 @@ func (c *Client) Stop() {
 
 func (c *Client) monitorHealth(ctx context.Context, statusCh chan struct{}) {
 	sendFullStatusEventFunc := func() {
+		if c.walletFeed == nil {
+			return
+		}
+
 		blockchainStatus := c.healthMgr.GetFullStatus()
 		encodedMessage, err := json.Marshal(blockchainStatus)
 		if err != nil {
 			c.log.Warn("could not marshal full blockchain status", "error", err)
 			return
 		}
+
+		c.walletFeed.Send(walletevent.Event{
+			Type:    EventBlockchainHealthChanged,
+			Message: string(encodedMessage),
+			At:      time.Now().Unix(),
+		})
+	}
+
+	sendShortStatusEventFunc := func() {
 		if c.walletFeed == nil {
 			return
 		}
+
+		blockchainShortStatus := c.healthMgr.GetStatusPerChain()
+		result := make(map[uint64]string)
+		for chainID, status := range blockchainShortStatus.StatusPerChain {
+			result[chainID] = string(status.Status)
+		}
+		encodedMessage, err := json.Marshal(result)
+		if err != nil {
+			c.log.Warn("could not marshal blockchain status", "error", err)
+			return
+		}
+
 		c.walletFeed.Send(walletevent.Event{
-			Type:    EventBlockchainHealthChanged,
+			Type:    EventBlockchainStatusChanged,
 			Message: string(encodedMessage),
 			At:      time.Now().Unix(),
 		})
@@ -215,6 +240,7 @@ func (c *Client) monitorHealth(ctx context.Context, statusCh chan struct{}) {
 		case <-ctx.Done():
 			return
 		case <-statusCh:
+			sendShortStatusEventFunc()
 			sendFullStatusEventFunc()
 		}
 	}
@@ -224,10 +250,6 @@ func (c *Client) GetNetworkManager() *network.Manager {
 	return c.NetworkManager
 }
 
-func (c *Client) SetWalletNotifier(notifier func(chainID uint64, message string)) {
-	c.walletNotifier = notifier
-}
-
 func extractHostFromURL(inputURL string) (string, error) {
 	parsedURL, err := url.Parse(inputURL)
 	if err != nil {
@@ -261,9 +283,6 @@ func (c *Client) getClientUsingCache(chainID uint64) (chain.ClientInterface, err
 	c.rpcClientsMutex.Lock()
 	defer c.rpcClientsMutex.Unlock()
 	if rpcClient, ok := c.rpcClients[chainID]; ok {
-		if rpcClient.GetWalletNotifier() == nil {
-			rpcClient.SetWalletNotifier(c.walletNotifier)
-		}
 		return rpcClient, nil
 	}
 
@@ -453,8 +472,7 @@ func (c *Client) CallContextIgnoringLocalHandlers(ctx context.Context, result in
 	if c.router.routeRemote(method) {
 		client, err := c.getClientUsingCache(chainID)
 		if err == nil {
-			return client.CallContext(ctx, r
-			esult, method, args...)
+			return client.CallContext(ctx, result, method, args...)
 		}
 	}
 
diff --git a/services/wallet/api_test.go b/services/wallet/api_test.go
index 9b14daa79..39bd6b5fa 100644
--- a/services/wallet/api_test.go
+++ b/services/wallet/api_test.go
@@ -155,10 +155,8 @@ func TestAPI_GetAddressDetails(t *testing.T) {
 	c, err := rpc.NewClient(config)
 	require.NoError(t, err)
 
-	chainClient, err := c.EthClient(chainID)
+	_, err = c.EthClient(chainID)
 	require.NoError(t, err)
-	chainClient.SetWalletNotifier(func(chainID uint64, message string) {})
-	c.SetWalletNotifier(func(chainID uint64, message string) {})
 
 	service := NewService(db, accountsDb, appDB, c, accountFeed, nil, nil, nil, &params.NodeConfig{}, nil, nil, nil, nil, nil, "")
 
diff --git a/services/wallet/market/market.go b/services/wallet/market/market.go
index bfea99d5a..c6ac4f053 100644
--- a/services/wallet/market/market.go
+++ b/services/wallet/market/market.go
@@ -2,7 +2,8 @@ package market
 
 import (
 	"context"
-	"sync"
+	"encoding/json"
+	"github.com/status-im/status-go/healthmanager/rpcstatus"
 	"time"
 
 	"github.com/ethereum/go-ethereum/common"
@@ -10,12 +11,14 @@ import (
 	"github.com/ethereum/go-ethereum/log"
 
 	"github.com/status-im/status-go/circuitbreaker"
+	healthManager "github.com/status-im/status-go/healthmanager"
 	"github.com/status-im/status-go/services/wallet/thirdparty"
 	"github.com/status-im/status-go/services/wallet/walletevent"
 )
 
 const (
-	EventMarketStatusChanged walletevent.EventType = "wallet-market-status-changed"
+	EventMarketStatusChanged walletevent.EventType = "wallet-market-status-changed" // deprecated
+	EventMarketHealthChanged walletevent.EventType = "wallet-market-health-changed"
 )
 
 const (
@@ -39,14 +42,13 @@ type TokenMarketCache MarketValuesPerCurrencyAndToken
 type TokenPriceCache DataPerTokenAndCurrency
 
 type Manager struct {
-	feed            *event.Feed
-	priceCache      MarketCache[TokenPriceCache]
-	marketCache     MarketCache[TokenMarketCache]
-	IsConnected     bool
-	LastCheckedAt   int64
-	IsConnectedLock sync.RWMutex
-	circuitbreaker  *circuitbreaker.CircuitBreaker
-	providers       []thirdparty.MarketDataProvider
+	feed               *event.Feed
+	priceCache         MarketCache[TokenPriceCache]
+	marketCache        MarketCache[TokenMarketCache]
+	circuitbreaker     *circuitbreaker.CircuitBreaker
+	healthManager      *healthManager.ProvidersHealthManager
+	stopMonitoringFunc context.CancelFunc
+	providers          []thirdparty.MarketDataProvider
 }
 
 func NewManager(providers []thirdparty.MarketDataProvider, feed *event.Feed) *Manager {
@@ -61,32 +63,12 @@ func NewManager(providers []thirdparty.MarketDataProvider, feed *event.Feed) *Ma
 		feed:           feed,
 		priceCache:     *NewCache(make(TokenPriceCache)),
 		marketCache:    *NewCache(make(TokenMarketCache)),
-		IsConnected:    true,
-		LastCheckedAt:  time.Now().Unix(),
 		circuitbreaker: cb,
 		providers:      providers,
+		healthManager:  healthManager.NewProvidersHealthManager(0),
 	}
 }
 
-func (pm *Manager) setIsConnected(value bool) {
-	pm.IsConnectedLock.Lock()
-	defer pm.IsConnectedLock.Unlock()
-	pm.LastCheckedAt = time.Now().Unix()
-	if value != pm.IsConnected {
-		message := "down"
-		if value {
-			message = "up"
-		}
-		pm.feed.Send(walletevent.Event{
-			Type:     EventMarketStatusChanged,
-			Accounts: []common.Address{},
-			Message:  message,
-			At:       time.Now().Unix(),
-		})
-	}
-	pm.IsConnected = value
-}
-
 func (pm *Manager) makeCall(providers []thirdparty.MarketDataProvider, f func(provider thirdparty.MarketDataProvider) (interface{}, error)) (interface{}, error) {
 	cmd := circuitbreaker.NewCommand(context.Background(), nil)
 	for _, provider := range providers {
@@ -98,7 +80,10 @@ func (pm *Manager) makeCall(providers []thirdparty.MarketDataProvider, f func(pr
 	}
 
 	result := pm.circuitbreaker.Execute(cmd)
-	pm.setIsConnected(result.Error() == nil)
+	if pm.healthManager != nil {
+		rpcCallStatuses := convertFunctorCallStatuses(result.FunctorCallStatuses())
+		pm.healthManager.Update(context.Background(), rpcCallStatuses)
+	}
 
 	if result.Error() != nil {
 		log.Error("Error fetching prices", "error", result.Error())
@@ -108,6 +93,79 @@ func (pm *Manager) makeCall(providers []thirdparty.MarketDataProvider, f func(pr
 	return result.Result()[0], nil
 }
 
+func (pm *Manager) monitorHealth(ctx context.Context, statusCh chan struct{}) {
+	sendFullStatusEventFunc := func() {
+		if pm.feed == nil {
+			return
+		}
+
+		marketStatus := pm.healthManager.GetAggregatedProviderStatus()
+		encodedMessage, err := json.Marshal(marketStatus)
+		if err != nil {
+			log.Warn("could not marshal full market status", "error", err)
+			return
+		}
+
+		pm.feed.Send(walletevent.Event{
+			Type:    EventMarketHealthChanged,
+			Message: string(encodedMessage),
+			At:      time.Now().Unix(),
+		})
+	}
+
+	sendOldStatusEventFunc := func() {
+		if pm.feed == nil {
+			return
+		}
+		marketStatus := pm.healthManager.Status()
+		message := "down"
+		if marketStatus.Status == rpcstatus.StatusUp {
+			message = "up"
+		}
+
+		pm.feed.Send(walletevent.Event{
+			Type:     EventMarketStatusChanged,
+			Accounts: []common.Address{},
+			Message:  message,
+			At:       time.Now().Unix(),
+		})
+	}
+
+	for {
+		select {
+		case <-ctx.Done():
+			return
+		case <-statusCh:
+			sendOldStatusEventFunc()
+			sendFullStatusEventFunc()
+		}
+	}
+}
+
+func (pm *Manager) Start(ctx context.Context) {
+	if pm.stopMonitoringFunc != nil {
+		log.Warn("Market health manager already started")
+		return
+	}
+
+	cancelableCtx, cancel := context.WithCancel(ctx)
+	pm.stopMonitoringFunc = cancel
+	statusCh := pm.healthManager.Subscribe()
+	go pm.monitorHealth(cancelableCtx, statusCh)
+}
+
+func (pm *Manager) Stop() {
+	if pm.stopMonitoringFunc == nil {
+		return
+	}
+	pm.stopMonitoringFunc()
+	pm.stopMonitoringFunc = nil
+}
+
+func (pm *Manager) IsConnected() bool {
+	return pm.healthManager.Status().Status == rpcstatus.StatusUp
+}
+
 func (pm *Manager) FetchHistoricalDailyPrices(symbol string, currency string, limit int, allData bool, aggregate int) ([]thirdparty.HistoricalPrice, error) {
 	result, err := pm.makeCall(pm.providers, func(provider thirdparty.MarketDataProvider) (interface{}, error) {
 		return provider.FetchHistoricalDailyPrices(symbol, currency, limit, allData, aggregate)
@@ -341,3 +399,14 @@ func (pm *Manager) GetOrFetchPrices(symbols []string, currencies []string, maxAg
 
 	return prices, nil
 }
+
+func convertFunctorCallStatuses(statuses []circuitbreaker.FunctorCallStatus) (result []rpcstatus.RpcProviderCallStatus) {
+	for _, f := range statuses {
+		result = append(result, rpcstatus.RpcProviderCallStatus{
+			Name:      f.Name,
+			Timestamp: f.Timestamp,
+			Err:       f.Err,
+		})
+	}
+	return
+}
diff --git a/services/wallet/market/market_feed_test.go b/services/wallet/market/market_feed_test.go
index 15697040d..457a29c5d 100644
--- a/services/wallet/market/market_feed_test.go
+++ b/services/wallet/market/market_feed_test.go
@@ -1,6 +1,7 @@
 package market
 
 import (
+	"context"
 	"errors"
 	"testing"
 	"time"
@@ -59,6 +60,7 @@ func (s *MarketTestSuite) TestEventOnNetworkError() {
 	customErr := errors.New("dial tcp: lookup optimism-goerli.infura.io: no such host")
 	priceProviderWithError := mock_market.NewMockPriceProviderWithError(ctrl, customErr)
 	manager := NewManager([]thirdparty.MarketDataProvider{priceProviderWithError}, s.feedSub.GetFeed())
+	manager.Start(context.Background())
 
 	_, err := manager.FetchPrices(s.symbols, s.currencies)
 	s.Require().Error(err, "expected error from FetchPrices due to MockPriceProviderWithError")
diff --git a/services/wallet/reader.go b/services/wallet/reader.go
index b0c62551a..6bffcb4f4 100644
--- a/services/wallet/reader.go
+++ b/services/wallet/reader.go
@@ -536,7 +536,7 @@ func (r *Reader) GetWalletToken(ctx context.Context, clients map[uint64]chain.Cl
 					ChangePct24hour: tokenMarketValues[tok.Symbol].CHANGEPCT24HOUR,
 					Change24hour:    tokenMarketValues[tok.Symbol].CHANGE24HOUR,
 					Price:           prices[tok.Symbol][currency].Price,
-					HasError:        !r.marketManager.IsConnected,
+					HasError:        !r.marketManager.IsConnected(),
 				}
 			}
 
diff --git a/services/wallet/service.go b/services/wallet/service.go
index 9ddeb597b..d38864fb4 100644
--- a/services/wallet/service.go
+++ b/services/wallet/service.go
@@ -1,13 +1,12 @@
 package wallet
 
 import (
+	"context"
 	"database/sql"
-	"encoding/json"
 	"fmt"
-	"sync"
+
 	"time"
 
-	"github.com/ethereum/go-ethereum/common"
 	"github.com/ethereum/go-ethereum/event"
 	"github.com/ethereum/go-ethereum/log"
 	"github.com/ethereum/go-ethereum/p2p"
@@ -42,10 +41,6 @@ import (
 	"github.com/status-im/status-go/transactions"
 )
 
-const (
-	EventBlockchainStatusChanged walletevent.EventType = "wallet-blockchain-status-changed"
-)
-
 // NewService initializes service instance.
 func NewService(
 	db *sql.DB,
@@ -67,38 +62,6 @@ func NewService(
 	signals := &walletevent.SignalsTransmitter{
 		Publisher: feed,
 	}
-	blockchainStatus := make(map[uint64]string)
-	mutex := sync.Mutex{}
-	rpcClient.SetWalletNotifier(func(chainID uint64, message string) {
-		mutex.Lock()
-		defer mutex.Unlock()
-
-		if len(blockchainStatus) == 0 {
-			networks, err := rpcClient.NetworkManager.Get(false)
-			if err != nil {
-				return
-			}
-
-			for _, network := range networks {
-				blockchainStatus[network.ChainID] = "up"
-			}
-		}
-
-		blockchainStatus[chainID] = message
-		encodedmessage, err := json.Marshal(blockchainStatus)
-		if err != nil {
-			return
-		}
-
-		feed.Send(walletevent.Event{
-			Type:     EventBlockchainStatusChanged,
-			Accounts: []common.Address{},
-			Message:  string(encodedmessage),
-			At:       time.Now().Unix(),
-			ChainID:  chainID,
-		})
-	})
-
 	communityManager := community.NewManager(db, mediaServer, feed)
 	balanceCacher := balance.NewCacherWithTTL(5 * time.Minute)
 	tokenManager := token.NewTokenManager(db, rpcClient, communityManager, rpcClient.NetworkManager, appDB, mediaServer, feed, accountFeed, accountsDB, token.NewPersistence(db))
@@ -126,6 +89,8 @@ func NewService(
 		Password: config.WalletConfig.StatusProxyMarketPassword,
 	})
 	marketManager := market.NewManager([]thirdparty.MarketDataProvider{cryptoCompare, coingecko, cryptoCompareProxy}, feed)
+	ctx := context.Background()
+	marketManager.Start(ctx)
 	reader := NewReader(tokenManager, marketManager, token.NewPersistence(db), feed)
 	history := history.NewService(db, accountsDB, accountFeed, feed, rpcClient, tokenManager, marketManager, balanceCacher.Cache())
 	currency := currency.NewService(db, feed, tokenManager, marketManager)
@@ -280,6 +245,7 @@ func (s *Service) Stop() error {
 	s.activity.Stop()
 	s.collectibles.Stop()
 	s.tokenManager.Stop()
+	s.marketManager.Stop()
 	s.started = false
 	log.Info("wallet stopped")
 	return nil
diff --git a/services/wallet/transfer/commands_sequential_test.go b/services/wallet/transfer/commands_sequential_test.go
index 426d14668..212921dab 100644
--- a/services/wallet/transfer/commands_sequential_test.go
+++ b/services/wallet/transfer/commands_sequential_test.go
@@ -585,19 +585,6 @@ func (tc *TestClient) CallContext(ctx context.Context, result interface{}, metho
 	return err
 }
 
-func (tc *TestClient) GetWalletNotifier() func(chainId uint64, message string) {
-	if tc.traceAPICalls {
-		tc.t.Log("GetWalletNotifier")
-	}
-	return nil
-}
-
-func (tc *TestClient) SetWalletNotifier(notifier func(chainId uint64, message string)) {
-	if tc.traceAPICalls {
-		tc.t.Log("SetWalletNotifier")
-	}
-}
-
 func (tc *TestClient) EstimateGas(ctx context.Context, call ethereum.CallMsg) (gas uint64, err error) {
 	err = tc.countAndlog("EstimateGas")
 	return 0, err