Bitcoin drops 2%, and crypto bank Signature tanks amid SVB, Silvergate troubles: CNBC Crypto World
Bitcoin dropped more than 2% in the week, trading above $20,000 and $1,400, respectively, after a broader sell-off in US equities, amid the closing of Silicon Valley Bank, the collapse of Silvergate Bank, and a mixed February jobs report.
Crypto bank Signature saw a double-digit drop of up to 32% after Silvergate liquidated, and regulators shut down SVB.
JP Morgan analysts warned that Silvergate’s collapse and discontinuation of the Silvergate Exchange Network created a challenge for the crypto industry, especially for over 1,000 institutional crypto market participants, including major crypto exchanges, miners, stablecoin issuers, market makers, and digital asset fund managers, who used the network for fiat currency transfers.
Additionally, the world’s largest crypto exchange, Binance, faced allegations of being more connected with its American entity than previously disclosed, as developers in China maintained the software code supporting finance users’ digital wallets. Binance’s Chief strategy officer responded to the allegations, stressing that the two entities are separate legal entities and that they operate separately.
CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Patrick Hillmann, chief strategy officer of Binance, addresses all the recent allegations against the company.
Chapters:
00:00 – CNBC Crypto World, March 10, 2023
0:26 – Bitcoin slides
00:56 —The headlines
3:43- Patrick Hillmann of Binance
Turn to CNBC TV for the latest stock market news and analysis.
