A Tale of 2 Banks: Why Silvergate and Silicon Valley Bank Collapsed
Every U.S. bank is facing similar structural pressures to what drove crypto’s one-time favorite bank to the moon - then into the ground. Original Source
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Silvergate
Bitcoin slips under $20K amid Biden budget, Silvergate collapse
Bitcoin (BTC) briefly slipped below $20,000 for the first time in nearly two months, following the latest budget from United States President Joe Biden and the collapse of “crypto-bank” Silvergate.The price of BTC dipped to $19,945 on March 10 before recovering to hover just above $20,000, according to data from
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Silvergate Bank 'Had to Be Perfect' but Now Pays a Heavy Price: Strategist
But because they weren’t, the industry now is likely to have a difficult time attracting traditional firms into the crypto banking industry, Jim Bianco, president of Bianco Research LLC, says. Original Source
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Crypto industry braces for impact with Silvergate exit
Silvergate is not a systematic risk for the United States banking system, but it could have a significant impact on the crypto markets, multiple sources told Cointelegraph. These may include increasing banking concentration in a few partners and challenges for venture capital firms seeking to establish banking relationships in the
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Bitcoin BTC Price Dips Below $21K to Reach Lowest Level In 7 Weeks as Silvergate Bank Shutdown Shakes Investors
“This remains a tough environment for crypto given the fallout from Silvergate Capital, so bitcoin could see further selling pressure test the $20,000 level,” Edward Moya, senior market analyst at foreign exchange market maker Oanda, wrote in a Thursday note. Source
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4 Potential Winners of the Silvergate Unwind
Crypto firms are likely familiar with the mechanics of stablecoins already, a class of crypto-asset meant to track the value of fiat. In fact, on centralized exchanges, the volume of stablecoin transactions rose to 90% from 79% last year, replacing in particular USD-based trading pairs, CFA Conor Ryder noted. Original Source
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Block.one Exits Silvergate Stake, Says Portfolio Firm Has No Exposure
In November, Block.one and its CEO, Brendan Blumer, bought a 9.27% stake in Silvergate Capital (SI), upping that to 9.9% in December, according to Bloomberg, making them one of the bank’s biggest stockholders. On Wednesday, the Cayman Islands-based company said it had exited its stake in the bank. Original Source
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Silvergate Shutters in Latest Blow to Crypto
The collapse of Silvergate Bank is dragging down bitcoin volume. CryptoQuant data shows that transfer volume, denominated in BTC, is down 35% over the last 24 hours. At the same time, the total number of transactions on the Bitcoin blockchain has dropped by 17%, and the number of active addresses
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Crypto Options Market Flashes Bitcoin Warning as Silvergate Winds Down Operations
At press time, the 30-day bitcoin skew, derived by looking at the difference in implied volatility/demand for cheap out-of-the-money (OTM) calls and OTM put options expiring in four weeks, shows the strongest bias for bearish put options in over two months. Source
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Silvergate to Shut Down & Liquidate Operations Following Several Market Constraints
Crypto-friendly bank Silvergate has announced plans to shut down in an orderly manner and fully repay all deposits. Silvergate Capital has decided to shut down operations and liquidate its bank following effects of problematic market conditions. On Wednesday, the crypto-focused bank made the grim announcement, which also saw its stock plummet over
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