The number of new Bitcoin addresses has hit a three-month high. However, concerns over Silvergate contributed to a drop of nearly 5% in the BTC price. Price fluctuations in Bitcoin [BTC] have been driven in the past by both individual and institutional investors. Recent developments, however, indicate that one party has far more sway than […]
. Bitcoin was still trying to burst beyond the $24,000 barrier, but recent news might have dampened the rally.
In less than an hour on March 3, the price of Bitcoin [BTC] dropped from $23,500 to $22,240, a drop of almost 5%. There was widespread unease about the future of the crypto-friendly bank Silvergate Capital, which contributed to the decline.The curious case of Silvergate Silvergate is a leading cryptocurrency bank that has established relationships with key trading platforms. The crypto-friendly financial institution has put off submitting its yearly 10-K report to the SEC .
Due to more significant losses in its fourth fiscal quarter last year compared to what was initially reported in January, the bankThe bank had also reportedly voiced concern over the lack of clarity in crypto rules. As a result, companies and exchanges dealing in cryptocurrencies have distanced themselves from banks. This includes the likes of
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What these Bitcoin [BTC] metrics reveal about its current positionBitcoin’s performance in February reveals that investors are optimistic about long-term prospects. Bitcoin is off to a bullish start, but exchange inflows suggest that some more sell pressure may curtail the short-term rally. Bitcoin [BTC] just wound up the shortest month of the year above its end of January, close despite more uncertainty in February. […]
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Bitcoin whales shrink assets- Here’s what to expect from BTC in MarchSome Bitcoin whales have reduced the number of coins they hold. A CryptoQuant analyst says the BTC price could trend lower in the short term. The number of addresses holding 1000 Bitcoin [BTC] has continued to decrease according to a recent update from Santiment. The on-chain analytics platform tweeted on the first day of March […]
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Crypto exchange Coinbase stops initiating payments to or from SilvergateThe decision comes a day after Silvergate said it had sold additional debt securities to repay debts this year and that further losses could mean the bank is ‘less than well capitalized’
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Coinbase cuts ties with Silvergate as bank delays annual report filingCoinbase, a leading U.S.-based crypto exchange, announced it would drop its alliance with Silvergate, a crypto-focused bank. This makes matters worse for the bank, which saw its value plunge in after-hours trading yesterday. The bank announced that it would be delaying its annual report filing in its SEC report yesterday. In a Twitter thread, Coinbase […]
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Coinbase drops Silvergate after they delay annual SEC filing, SI stock plunges 50%(Kitco News) - Silvergate Capital told the U.S. Securities and Exchange Commission (SEC) late Wednesday afternoon that it would be unable to file its 2022 annual financial report before the extended March 16 deadline, causing its share price to collapse and raising fears of another major contagion event for the cryptocurrency industry.
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Six crypto firms join Coinbase in ditching troubled Silvergate BankCircle, Paxos, Bitstamp, Gemini, Crypto.com and Galaxy Digital have started to bid goodbye to troubled crypto-focused bank Earlier today, Coinbase announced that it would stop processing payments to Silvergate Bank The woes of Silvergate Bank, a crypto-focused financial services provider, seem to be increasing with each passing hour. The bank has been dropped by six […]
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