Top cryptocurrency Prices of March 4, 2023: By market value, Bitcoin, the most valuable cryptocurrency, fell 5.2% to USD 22,253 at 2204 GMT on Friday, shedding USD 1,213 from its previous close.
The largest and most well-known cryptocurrency Bitcoin in the world is down 11.9% from its year-high of USD 25,270 on February 16.
he price of Ethereum, the cryptocurrency connected to the Ethereum blockchain, fell by 5.3% to USD 1,560.9, dropping by USD 87.1 from its previous closing.
The recent troubling news about Silvergate Capital, the bank that supports many of the biggest players in the cryptocurrency industry, losing important clients and teetering on bankruptcy caused cryptocurrency prices to drop.
Two days after the digital asset-focused bank expressed concerns about the future of its cryptocurrency payments network, Silvergate Capital Corp. said on Friday that it has made a "risk-based decision" to stop operating the Silvergate Exchange Network.
"Effective immediately, Silvergate Bank has decided to stop operating the Silvergate Exchange Network based on risk" (SEN). According to a Silvergate statement published on the website, "all other deposit-related services continue to be available.
Contrary to regular bank wires, which can took days to settle, the Silvergate Exchange Network, one of the bank's most well-liked offerings, enabled 24-hour transactions between investors and cryptocurrency exchanges.
After ending Friday's regular trading up 0.9% at USD 5.77, shares of Silvergate fell more than 2% in after-hours trading. The shares on Thursday had reached a new low and were down more than 97% from their all-time high in November 2021 at the conclusion of the day.
Silvergate issued a filing earlier on Wednesday warning that it was assessing its capacity to continue as a going concern, noting that it has sold further debt instruments this year at a loss and that additional losses could leave the bank "less than properly capitalised."
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