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Bitcoin tumbled Thursday to the lowest level since mid-January after Silvergate Capital Corp. said Wednesday it intended to wind down operations and voluntarily liquidate its subsidiary Silvergate Bank, a crypto-friendly lender.
Bitcoin tumbles, as Silvergate Bank's collapse highlights the biggest threat to U.S. crypto industry
Hello! Welcome back to Distributed Ledger. This is Frances Yue, crypto reporter at MarketWatch.
"This adds to concerns of higher deposit costs, weakening loan demand, potentially weakening credit cycle and weakness in commercial real estate."
On Wednesday, Silvergate Capital, a publicly traded crypto bank, shared that it would “wind down operations and voluntarily liquidate” its bank division.
Silvergate Capital Corp , one of the biggest banks in the cryptocurrency industry, said on Wednesday it was planning to wind down operations and liquidate voluntarily.
Shares of Signature Bank, which has a significant crypto client base, are being weighed down amid the Silvergate implosion. It could be an opportunity for the risk-tolerant.
CNBC's Deirdre Bosa discusses Silvergate Capital and Silicon Valley Bank.
Yahoo Finance's David Hollerith joins the Live show to discuss Silvergate's ongoing dilemma.
Silvergate Capital had run a payments network specifically for facilitating crypto transactions. The company has struggled since the fallout of FTX.
(Kitco News) - Silvergate Bank announced on Wednesday that it will be winding down its operations and will voluntarily liquidate the bank's assets to pay off creditors.