Silvergate announced on March 1 of this year that it was considering whether it could continue to carry out its operations hinting that it could be going through a possible bankruptcy or that it would be about to declare it, this has caused the market to be quite in the red today losing bitcoin more than 5% capitalization in just 24 hours, for those who doesnt know, Silvergate is the main bank that most exchanges turn to to make their operations with fiat money
Silvergate in possible bankruptcy
- Thread starter riberet19
- Start date
SIlvergate bankrupt and entire market lost some money, especially in stock values. People got afraid how much actually bank have cover in their value. Sivergate lost money since startup lost investors and money from startup didn't come. Also last FED descision cost them a lot in bonds.
I still don't understand whether the fate of the crypto currency would turn to. Silvergate seemed the heart of the Crypto currency industry and I actually have no idea about what the future holds about the bitcoin to be precise.
- Thread starter
- #4
all this is a systemic risk for the crypto world that left with the fall of FTX still continue to be affected by that moment, it is normal when an entity of that caliber falls, let's go back to 2008 when Lehman Brothers fell that plunged more than half the world into an economic crisis.
Wow Silvergate is a mess I wonder how this will affect the crypto industry and the startups they supported.