The collapse of silvergatebank is dragging down $BTC volumes. Data shows that transfer volume, denominated in $BTC, is down 35% over the last 24 hours. LedesmaLyllah reports.
FTSE 100: 7,878.94 −0.6%Silvergate Bank, a lender that helped customers move money in and out crypto, will"voluntarily liquidate" its assets and wind down operations,, said Wednesday. The bank was under fire after announcing a week ago it would delay filing its annual 10-K report. It had to liquidate much of its holdings late last year to meet customers’ requests for withdrawals in the aftermath of the collapse of crypto exchange FTX. Silvergate turned its focus to crypto 10 years ago.
So far in March, daily bitcoin trading volume has averaged $25 billion, according to data from CoinGecko, versus $36 billion in February. “Coupled with the drop in the price of bitcoin, we have seen a noticeable drop in trading volumes, too, across the ecosystem when news about Silvergate’s financial difficulties broke,” said Guilhem Chaumont, CEO of crypto market maker Flowdesk., the cryptocurrency exchange owned by entrepreneurs and twins Cameron and Tyler Winklevoss,.
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