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.