BTC-Newswire

Silvergate liquidates, Silicon Valley Bank on receivership, and crypto selloff | weekly recap

Press Releases Crypto News Crypto-News Silvergate liquidates, Silicon Valley Bank on receivership, and crypto selloff | weekly recap

Last week was mainly bearish as several macro events had a detrimental effect on the industry. Major developments, such as the voluntary liquidation of Silvergate and the crash of Silicon Valley Bank (SVB), disrupted the industry, resulting in a sell-off that pushed asset prices to multi-month lows. In addition, regulatory efforts in the United States were mostly unfavorable, exacerbating concerns and uncertainty.

Silvergate’s voluntary liquidation

Two weeks ago, concerns regarding Silvergate’s stability escalated after the bank postponed its yearly 10-k submission to the United States Securities and Exchange Commission (SEC). The decision raised worries about the possibility of insolvency and its potential impact on crypto.

The Silvergate saga spilled into the previous week, bringing new developments. As the bank’s woes continued amid disclosures of its underperforming stock and mass withdrawals, bankruptcy concerns rose as of last week.

Following these events, additional reports surfaced indicating that Silvergate Capital, the parent company of Silvergate, had entered into discussions with the U.S. Federal Deposit Insurance Commission (FDIC) to chart a course through the current turbulence. Anonymous sources revealed that securing investments from crucial market players was one potential option under consideration.

However, on Mar. 10, Silvergate Capital made a public statement indicating its intention to cease operations and voluntarily liquidate the bank’s assets for their best interest. Subsequently, Silvergate’s stock fell 43% in after-hours trading.

In the aftermath of these events, crypto exchanges Binance and Coinbase revealed informed the commu

Go to Source to See Full Article
Author: Wahid Pessarlay

Did you like this?
Tip BTC Newswire with Cryptocurrency