Friday, May 24, 2024

Digital Currencies Continually Fall..Bitcoin Loses 8% to Fall Below 20,000 By Investing.com

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© Reuters

Investing.com – The market suffered a violent fall in the past few hours as currencies were hit by the bankruptcy of popular crypto lender “Silvergate”, prompting Bitcoin to fall below $20,000 levels, posting its biggest daily loss in 4 months. These moments of today’s transactions.

Silvergate Capital, one of the most prominent US banks heavily involved in cryptocurrency, said on Wednesday it would cease operations and begin liquidating the bank’s assets. Shares of Silvergate Bank are now down 42.16% in pre-trade.

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New bankruptcy

Silvergate Capital said it would cease operations and begin liquidating the bank’s assets.

Binance, the world’s largest cryptocurrency exchange, said on Wednesday it was no longer doing business with Silvergate Bank in hopes of calming the nerves of customers triggered by the bank’s collapse.

Binance founder and CEO Changpeng Zhao tweeted shortly after Silvergate announced bankruptcy, “Binance Silvergate has no asset losses.”

The decision to close the bank comes after the company warned last week that it had sold additional bonds at a loss this year and that the bank could “underperform” if it incurred further losses.

The announcement shows the extent of the impact on the digital asset industry since the collapse of FTX, which declared bankruptcy last November.

In a statement, Silvergate said the decision to freeze its bank was the “best way forward” in light of “recent industry and regulatory developments”. The bank added that the liquidation plan would include paying the deposit in full.

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Silvergate reported a $1 billion loss last quarter as investors tried to withdraw more than $8 billion in deposits.

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Enterprise attack

Michael Barr, a member of the US Federal Reserve, said that banks should be cautious about investing in cryptocurrencies and that regulators will soon issue guidance on how to manage cryptocurrencies.

“Banks should take a cautious approach when engaging in cryptocurrency trading practices,” he continued.

He also confirmed that the central bank will tighten control over the crypto market, especially after the recent collapse in the sector, which saw many people lose their money after prices plummeted.

Interest concerns

The chairman of the US Federal Reserve, Jerome Powell, confirmed at the next meeting what will determine this percentage. Confirms that the final interest rate may be higher than expected.

“We have specific goals that are restoring price stability and making optimal use of the labor market,” Powell says. “If economic data warrants further rate hikes, we will do so,” he asserted.

Investors are looking ahead to U.S. non-farm payrolls data, expected to be released today, to gauge a possible path to raising interest rates at the U.S. Federal Reserve.

Now the market

The market capitalization of the cryptocurrency market fell 7% to $928.45 trillion. The value of the digital currency’s trade increased by 55% in the last 24 hours to record $69.40 billion.

The price fell 8% to $19,922 during today’s trading. The market cap fell to $384.71 billion. While posting weekly losses of 11%.

Ethereum is down 8.1% to $1405.9, down 10.16% weekly.

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It fell 11.8% to $72.79.

The price of Binance Coin fell 5.6% to $272.24.

The price of one coin was recorded at $0.3681, down 6.2% from its value.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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