Was Silvergate Bank Blamed for Crypto Market Drop? : What’s Next, Worst $17k or Best $28k
Next Move For BTC $17k or $28k? | USDC | BTC | Whales | Manipulation
Yesterday, there was a short sudden crash in the cryptocurrency market. Perhaps the most important question is why this sudden crash occurred and what will happen next in the cryptocurrency market.
A bank called Silvergate was founded in California in 1988. Wealth management, Digital currency banking, residential loans, Commercial banking, and treasury management are some examples of the services offered by these banks.
This is not your regular bank; rather, it is a crypto-friendly bank.
Service
If any institutional investors, corporate clients, reputable crypto projects, or exchanges required money, this bank would lend it to them. To borrow money, the company had to use its crypto assets as collateral.
Money is required for marketing and new development in order to pursue innovation in crypto projects. We all know that banks do not lend money to crypto-related enterprises because the risk is too high, and it is also against bank policy. Just a few banks have this authority, and they are mostly private banks.
