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Silvergate Capital Corporation Announces Intent to Wind Down Operations and Voluntarily Liquidate Silvergate Bank

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Today’s Cryptocurrency Headline

Silvergate Capital Corporation, the holding company of Silvergate Bank, announced its intent to wind down operations and voluntarily liquidate the Bank in an orderly manner and in accordance with applicable regulatory processes. Bank operations and a voluntary liquidation of the Bank is the best path forward. The Bank’s wind down and liquidation plan includes full repayment of all deposits. The Company is also considering how best to resolve claims and preserve the residual value of its assets, including its proprietary technology and tax assets.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin is down 2.06% over the last 24 hours and fell to an intraday low of $21,580.00. The largest cryptocurrency continues its downtrend today due to the United States Federal Reserve Chairman Jerome Powell warning the market that interest rates might remain higher for a longer time than previously anticipated. The moving averages have completed a bearish crossover and the relative strength index (RSI) is in the negative territory, indicating the market sentiment is negative. If the BTC/USDT pair drops below $21,351, the price may drop to the critical support at $20,000.


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