said they've stopped accepting or initiating payments to or from Silvergate – including Coinbase, Galaxy Digital, Circle, Paxos, Bitstamp.
"The bearish turn could certainly be a delayed reaction to Silvergate's ongoing issues," said Clara Medalie director of research at Kaiko. "Many large exchanges and market makers partner with Silvergate for fast transactions between entities, and any halt inactivity could have an impact on global crypto liquidity."
"To start 2023, crypto markets enjoyed a solid rally to six-month highs following a slowdown in FTX-related contagion, but the Silvergate news has renewed concerns around liquidity and risk," she added.. Bitcoin has recovered this year after tumbling more than 60% in 2022 amid the pullback in risk assets and the implosion of FTX. Even after the recent decline, bitcoin is up more than 30% this year to trade above $22,000. It ended 2022 below $17,000.
Maybe cryptocurrency wasn't such a good investment after all.
This is a good take on it tbh...
Insane drop 12 hours ago.. still no clear reason.
It’s a big world but soon people who pump crypto will run out of friends to buy, and those friends will run out of friends and those friends of friends will run out……
👁️ don’t listen to them do the opposite ❤️
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