Cryptocurrency investors have been met with a barrage of bad news this week as the crypto market continues to suffer from a major shakeout.
After being stuck in a bearish price range, the crypto market has yet to really turn a new page. Bitcoin and Ethereum are both down around 4% from their previous 24-hour levels, with Bitcoin trading at around $22,335 and Ethereum at around $1,566, according to CoinDesk.
The shakeout has continued this week, with a number of crypto companies cutting ties with Silvergate Capital, an institution that had been a major long-term banking partner for many. This has caused concern that the industry shakeout may not be over yet.
Adding to the gloom, Nishad Singh, the former Co-lead Engineer of FTX Trading Ltd, pleaded guilty to wire fraud and various other charges this week. His entrance into the crypto world has been met with disappointment by many.
03 Mar 2023
Silvergate Capital Corp., a major player in the cryptocurrency sector in the US, has seen its value plummet on the New York Stock Exchange, with other crypto-related businesses cutting ties with the institution.
Silvergate’s market value has dropped over 60% since the bank informed US regulators on Wednesday that it was “unable” to file its annual reports, even after being given an extension until March 16. This was due to “certain regulatory and other inquiries and investigations” the company is currently facing.
03 Mar 2023
Crypto traders experienced a shock this morning when Bitcoin suddenly dropped by almost 5% on the markets during the early hours of Friday.
The majority of the $1,500 transactions occurred within an hour, between midnight and 1am UK Time.
02 Mar 2023
Bitcoin has not seen much change in the latter part of the week, staying within the $23,000 – $24,000 range for five consecutive days.
The low volume of trading has kept volatility at historic lows, standing at around 60% compared to the same period last year.
02 Mar 2023
Silvergate Capital Corp., one of the most crypto-friendly banking institutions in the US, has delayed its annual earnings call and may not be able to meet the extended deadlines due to ongoing investigations and internal audits.
The California-based company notified the Securities and Exchange Commission on Wednesday that it was “unable” to file its annual reports as requested, even after being granted an extension until March 16.
01 Mar 2023
Grayscale Bitcoin Trust is making preparations for the launch of its fourth publicly traded fund, the Grayscale Bitcoin Cash Trust.
The fund is expected to be available to investors on March 19, joining Grayscale’s investments in Bitcoin, Ethereum, and Litecoin.
The crypto market saw major outflows from Bitcoin and Ethereum funds this week, as well as a legal challenge to the US Securities and Exchange Commission (SEC) by Silvergate Capital. The SEC has attempted to block the world’s largest Bitcoin investment vehicle from trading on the US equities market for several years, but the investment trust has tried to float as an ETF spot.
Former FTX engineer Nishad Singh was elected the third-highest ranking executive in the country, while Sam Bankman-Fried’s collapsed cryptocurrency exchange pleaded guilty to fraud charges. Additionally, Bitcoin was able to end its five-day losing streak, increasing 1.7% on Sunday to US$23.550, though it has since retracted below US$23.400.
Goldman Sachs Group Inc could be getting ready to hire for its expanding blockchain division, while the US securities regulator has launched a major push into the crypto market. Morgan Stanley fired around 3,200 employees following a rival investment bank’s outsourcing of its digital asset developments.
