Bitcoin Forum

GM crypto fam, hope everyone is doing great.

I'm not sure if many of you have seen the news that Silvergate Capital Corporation has decided to voluntarily liquidate Silvergate Bank. As I'm fairly new to the world of crypto and this seems like a significant development in the crypto-banking industry, I'd like to hear your thoughts and opinions on it.

How big of an impact is this going to have on the industry as a whole? What do you think the implications of this decision are for the future of crypto-banking?

sources:

https://twitter.com/thetokenist/status/1633591603083325445

First of all, it's important to note that Silvergate Bank is a relatively small bank that mainly serves crypto-related businesses. While this news may be concerning for its clients, it is unlikely to have a significant impact on the overall crypto-banking industry.

That being said, the decision to liquidate could be seen as a sign of the challenges faced by traditional banks in adapting to the fast-paced and innovative world of crypto. As more and more businesses and individuals turn to crypto as a means of payment and investment, there is a growing need for specialized crypto-focused banks and financial institutions that can better serve the unique needs of this emerging market.

In the long run, it is likely that we will see more banks and financial institutions enter the crypto space, with a focus on providing specialized services and products to the growing number of crypto users and businesses.

I never even heard of this bank before the news if I am honest. Hopefully the worst is over now & the price of most coins can return to what they were before. Bitcoin has recovered to 20,7xx as I type this. We have now successfully defended $20,000 after a dip below.

I find it ironic that when fiat banks have troubles it causes crypto to dip. I guess it shows we are still new asset class(es). This weekend will be key for the price of most coins, I have hope that we can resume previous bullish momentum.