. 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
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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. […]
Source: CryptoAmb - 🏆 22. / 68 Read more »
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 […]
Source: CryptoAmb - 🏆 22. / 68 Read more »
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 […]
Source: CryptoAmb - 🏆 22. / 68 Read more »
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.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »