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Bitcoin’s price on Friday marked a two-week low for the cryptocurrency at one point, with it selling around $22,300 later in the afternoon.
That comes after Silvergate Capital said Wednesday it was evaluating its “ability to continue as a company.” Silvergate Capital is a publicly traded bank that provides services to fintech and crypto companies.
Bitcoin is a great way to protect your savings (Portal/Benoit Tessier/Illustration/File Photo/Portal Photos)
FTX FALLOUT MEETS SILVERGATE, BITCOIN
In a filing with the Securities and Exchange Commission (SEC) on Wednesday, Silvergate Capital announced its inability to file its annual report with the regulator by March 16, the extended deadline. According to the SEC filing, a need was cited for “additional time to perform analysis, record journal entries related to subsequent events, and management’s full assessment of internal controls over financial reporting.”
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| S.I | SILVERGATE CAPITAL | 5.77 | +0.05 | +0.87% |
The company cited events after the end of 2022 that it said would “negatively impact the timing and unaudited results previously reported in the earnings announcement,” including the sale of “additional” debt in January and February. It is “currently in the process of reassessing its businesses and strategies in light of the business and regulatory challenges it is currently facing,” Silvergate said in the filing.
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On Thursday, prompted by news about the bank, some crypto companies began pulling out of Silvergate.
Coinbase, for example, said it had stopped “accepting or initiating payments” to or from the bank “in light of recent developments and as a precautionary measure.”
Paxos and Galaxy, among others, announced similar steps.
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Bitcoin prices have plummeted over the past few days. (Photo by Fernando Gutierrez-Juarez/Picture Alliance via Getty Images/Getty Images)
FxPro’s senior market analyst, Alex Kuptsikevich, said in a statement that Bitcoin “is down more than 6% to $22,000 earlier today.” Technically, this dip “pushed the price below its 50-day moving average, boding ill for the short-term outlook, although this signal will only be reliable at the end of the day.”
Bitcoin traded above $42,300 early Monday morning as the overall cryptocurrency market turned bearish. (iStock / iStock)
“A return above $22.8 an ounce before the close today could trigger further buying,” Kuptsikevich also said. “A close near the lows would be an essential signal to spread fear across the crypto market, suggesting a further drop to $19.7k in the coming weeks.”