Bitcoin falls to its lowest price in weeks as crypto markets tumble amid Silvergate troubles
The market moves come after several companies likecut ties with Silvergate, which is delaying its annual report due to greater losses, flagging doubts about the future of its business.
Silvergate was entangled in a number of ailing firms such as FTX, resulting in a massive decline in deposits at the bank amid broader crypto market contagion. Shares of Silvergate have dropped 95% in the past year. Makarem added:"This incident could strongly dent the market's recent rebound as cryptocurrencies remain in a delicate position. Additionally, the dwindling number of companies operating in crypto could add to the concerns."
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