Top cryptocurrency tokens were in excruciating pain on Friday as a result of the buzz surrounding Silvergate, following muted trading in the previous few days. Significant cryptocurrency companies have removed themselves from Silvergate, and the bank is still losing customers.

Silver Gate acknowledged that its auditors would need to examine its books and issued a number of cautionary statements. Although other significant crypto exchanges did not report comparable issues, Silvergate appears to be experiencing problems.

The biggest cryptocurrency commodity, Bitcoin, fell sharply below the $23,000 level. It decreased by about 5% to remain around $22,300. Similar cuts were also made by Ethereum, its biggest rival, causing it to fall under $1,600 in the early exchange. Altcoins were in a lot of pain.

“Both Bitcoin and Ethereum saw a 5% decline, which resulted in a loss of their weekly gains. Bitcoin is currently selling at $22,300, below the $23,000 mark, and has reached its lowest level in about two weeks. In anticipation of potential inflation and interest rate increases, investors and traders are closely monitoring economic data and other variables.”

Except for the stablecoins tied to the US dollar, all other well-known and renowned crypto tokens were trading with significant losses on Friday. Avalanche was selling 8% lower while Litecoin fell by about 9%. Bitcoin and Cardano both fell by 7%, while Shiba Inu and Polkadot both fell by 6%.

In the previous day, the market capitalization of all cryptocurrencies fell significantly, falling to $1.02 trillion, or about 5%. The overall trading volume did, however, increase by almost 9% to $52.96 billion.

“As a consequence, Silvergate’s stock fell by almost 50%, reaching a record low. These market changes signal an increase in market volatility and possible short-term weakness, “said he. Ethereum has experienced a significant decline on the 4-hour chart and may possibly challenge the next support level at $1400.

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