{"id":22280,"date":"2023-03-03T06:04:25","date_gmt":"2023-03-03T14:04:25","guid":{"rendered":"https:\/\/coinnetworknews.com\/crypto-markets-sinking-on-silvergate\/"},"modified":"2023-03-03T06:04:25","modified_gmt":"2023-03-03T14:04:25","slug":"crypto-markets-sinking-on-silvergate","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/crypto-markets-sinking-on-silvergate\/","title":{"rendered":"Crypto Markets Sinking on Silvergate"},"content":{"rendered":"
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Bitcoin was down 5% early Friday, <\/b>a day after a spout of negative developments surrounding crypto-friendly U.S. bank Silvergate Capital (SI). <\/b>On Thursday, Coinbase<\/a> (COIN), Circle, Paxos, Crypto.com<\/a>, Bitstamp, Cboe Digital Markets, Galaxy Digital and Gemini all announced they will suspend<\/a> Automated Clearing House transfers and other business operations with the bank. Silvergate’s stock tumbled 58% to $5.72<\/a> on Thursday. The wider crypto market also lost ground with major altcoins taking a hit on Friday. Ether, the second-largest cryptocurrency by market capitalization, shed 5%, filecoin (FIL<\/a>) lost 9%, aptos (APT<\/a>) was down 8%, and litecoin (LTC<\/a>) dropped 7%.<\/p>\n<\/div>\n