The crypto market experiences a significant slump following the announcement of Silvergate Bank’s earnings report for the fourth quarter of 2022.
Cryptocurrency investors were in for a rude awakening as the market experienced a steep decline in recent weeks. Investor and trader, The Elite Crypto, expressed in a tweet they believe that the culprit behind this massive slump is none other than Silvergate Bank.
The crypto market cap is down over 3.3% in the past 24 hours, with many digital currencies experiencing significant losses.
The crypto market has been on a rollercoaster ride for the past few years, but this latest slump has left many investors scratching their heads. Silvergate Bank, a well-known crypto-friendly bank, recently announced its earnings report for the fourth quarter of 2022.
Unfortunately, the report showed that the bank’s crypto deposits had decreased significantly and that it has revealed doubts about its viability, possibly resulting in a decline in the overall crypto market.
Many investors were left reeling as they watched the prices of their favorite digital currencies plummet.
Bitcoin, the world’s most popular cryptocurrency, saw a drop of nearly 5% early Friday morning. Ethereum, another popular cryptocurrency, saw a decline of more than 4%. Other digital currencies such as litecoin and dogecoin were not spared either, with prices falling by more than 5%.
The decline in the crypto market has left many investors wondering if the crypto bubble has finally burst.
However, experts suggest that this is just a temporary setback and that the crypto market will recover in due time. They attribute the decline to the recent regulatory crackdown on the crypto market and the ongoing global pandemic.
The recent decline in the crypto market serves as a reminder that investing in digital currencies is not for the faint of heart. It is a highly volatile market, and investors should be prepared to weather the storm.
But, despite the recent slump, many experts still believe that cryptocurrencies are here to stay.
The recent decline in the crypto market due to Silvergate Bank’s earnings report has sent shockwaves throughout the investment community.