Crypto Weekly: Silvergate loses its luster

STORY: From a crypto bank in big trouble, to why Bitcoin looks old-fashioned to some investors, these were the week’s big stories in the world of alternative money…

Silvergate Capital is the new focus of crypto jitters.

The digital-assets focused bank has said it may struggle to stay in business.

Its shares then tumbled as much as 11% on Monday, with peers like Signature Bank sliding too.

The worries also halted a recent rally for bitcoin, with the top cryptocurrency sliding around 5% for the week.

Investors have pulled about $6 billion out of Binance’s stablecoin amid news of a crackdown on the firm by U.S. regulators.

That’s according to data from CoinGecko.

Watchdogs have said the coin should be registered as a security, and they could take action.

Reports this week claimed the company deliberately sought to evade scrutiny by regulators.

There was no comment from Binance.

And bitcoin could be looking old-fashioned to some crypto fans.

An index from MarketVector shows other coins outpacing the big name.

It features smart tokens like dot and solana, and is up 36% this year.

Some analysts say investors think tokens linked to decentralized finance apps are now the place to find fast growth.