© Reuters.
(BTCThe crypto markets are seeing a sharp decline, due to a variety of factors, especially the fall in the value of digital currencies. Silvergate Banks’ current crisis. This week, the banking company dedicated to cryptocurrencies announced that it needs more time to file its annual 10-K report and warned that it could not guarantee it would have the capital it needs for the next twelve months. This news has caused a number of crypto companies to announce the cancellation or reduction of their relationship with Silvergate Bank.
The markets may have had a sudden reaction to the uncertainty over the future of Silvergate Bank. The news of the bank’s problems Ripple, for instance, declared that it has “stopped taking on new customers until the situation is resolved.”
Apart from the Silvergate Bank-related news, the cryptocurrency markets have seen a major drop in the past week. The most popular digital currency, Bitcoin, has lost nearly 10%. Ethereum and Binance Coin have seen losses of 12% and 15% respectively.
Investors keeping a close eye on the cryptocurrency market may be interested to know how the top ten digital currencies have been faring. BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, and LTC have all been subject to the impact of the recent market corrections.
It is worth noting that the influence of the recent news related to the Archegos Capital Management Bankruptcy has not been fully established on the cryptocurrency market. Analysts speculate that if the fallout of the bankruptcy is contained, then the potential downside may be limited.
Traders and investors can look at the daily charts of the top ten digital currencies to gain insight into their performance. BTC/USDT, ETH/USDT, BNB/USDT, XRP/USDT, ADA/USDT, DOGE/USDT, MATIC/USDT, SOL/USDT, DOT/USDT, and LTC/USDT have all been subject to varying market conditions.
It is worth noting that the overall performance of the cryptocurrency market has not been affected drastically by the news related to the bank. However, traders and investors should remain vigilant as the full implications of the bankruptcy are yet to be determined.
Check out the daily performance of the top ten digital currencies to get an overview of the current market conditions. Investors should also keep an eye out for any potential news that could affect their investments or the broader cryptocurrency market.