SHAFAQNA TURKEY – New developments related to Silvergate, which have become the biggest risk in the crypto asset markets in the recent period, have caused a wave of selling in the market. Bitcoin fell below $20,000.
The problems faced by two financial institutions in the US have caused concern on Wall Street and in the crypto asset markets.
Silvergate Capital, which initially focused on the cryptocurrency markets, announced on Wednesday that it plans to cease operations and liquidate its bank. The company also said it plans to fully repay all deposits within the company.
Silvergate, which has become the largest crypto-focused bank in the US, had a deposit of $14 billion. However, the Fed’s aggressive rate hikes, as well as the collapse of FTX in November, took a toll on the bank.
Finally, Silicon Valley Bank (SVB), which lowered its future targets by announcing a $2.3 billion capital increase and huge losses of its $1.8 billion bond portfolio, rocked US bank stocks.
Shares of PMorgan, Bank of America and Wells Fargo fell more than 5 percent, while the banking index fell as much as 8 percent. The events have also led to hard selling in the crypto asset markets. Bitcoin has been tested below $20,000. Ethereum also saw $1,410.
In a statement Thursday, the SVB CEO urged investors to remain calm. Jens Nordwig, founder of companies such as Exante Data and Market Reader, said: “Many of my clients are asking, ‘Who’s next?’ Whalen Global Advisors Chairman Christopher Whalen said: “Silicon Valley Bank is the tip of the iceberg. I’m not worried about the big ones, but the small ones will be adversely affected. Most will have to raise capital,” he said.
- Poverty limit exceeded 27 thousand Turkish liras
- Recommendations regarding the risk of infection after an earthquake
- What is the price of a barrel of oil?
- Is it healthy to drink soup during the iftar break?
- Apple changes the supply of chips
- RUMELISIAD touched the hearts of Macedonia – News details
- Interest rates on consumer loans reached 60%
- “Turkey opens its doors to 77 countries at the Home & Kitchen Export Fair”
- Euro 26, Dollar approached the limit of 24 TL
- Joint statement of GSM operators on the earthquake