It was the third consecutive week of market-wide depreciation in 2023.

The repercussions of the announced “wind down” of Silvergate Bank  were still unfolding when Silicon Valley Bank failed. Market leaders Bitcoin and Ethereum saw heavy losses, but they weren’t the only losers: virtually every leading cryptocurrency is down by double-digit percentages coming into the weekend. 

The markets were first roiled by the demise of crypto bank Silvergate. The writing was on the wall last week when the bank delayed filing its annual 10-k report with the United States Securities and Exchange Commission, leading to a sustained pullback in prices throughout the previous week. 

The speculation continued on Tuesday, when the White House’s press secretary said Washington was monitoring the situation. The following day, Silvergate’s parent company announced the bank was shutting operations. The news led to a Go to Source to See Full Article
Author: Tim Hakki

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