Bitcoin, ether fall after go-to crypto bank Silvergate announces liquidation
Publishing timestamp: 2023-03-09 16:18:53
Summary
Crypto prices fell after Silvergate Capital announced it will wind down operations and liquidate its crypto-friendly bank. The decline deepened after SVB Financial announced a plan to raise more than $2 billion in capital to help offset losses on bond sales. The end of Silvergate is concerning for the industry, which now expects a slowdown in inbound flows without SEN or enough reliable alternatives. The U.S. risks losing significant market share overseas if smaller institutions don't step up, and Europe looks especially well positioned to step in thanks to its regulatory clarity in the form of Markets in Crypto-Assets, or MiCA, regulation.
Sentiment: NEGATIVE
Tickers: BTC.CM=, SI, SBNY, ETH.CM=,
Keywords: silvergate capital corp, investment strategy, ethereum/usd coin metrics, cryptocurrency, signature bank, bitcoin/usd coin metrics, technology, markets, business news,