It was a red session this morning. This is not an easy game for the hodlers! With FTX, and now Silvergate, the United States governments must step up and help the citizens of the world: “Silvergate Capital is reportedly shutting down operations and liquidating its Signature Bank following its inability to process transactions and the underlying bank run as a result of a boycott by top Crypto Exchanges— Coinbase, Kraken, Binance, among others. On March 9, 2023, Silvergate Capital announced that it would wind down the business and liquidate Silvergate Bank.”
The crypto meltdown isn’t over: Silvergate Capital says it’s liquidating its bank and shutting down. The crypto firm cited “recent industry and regulatory developments” for the move, which comes days after it delayed filing its annual report in order to determine the “viability” of its business. Once Silvergate announced its future was in doubt, other major crypto firms, including Coinbase and Galaxy Digital, quickly severed ties. Silvergate was also hit hard by FTX’s collapse, since FTX was both a client and a backer of the bank. (LinkedIn News)
I lost $1,400 today . I received Bitcoin payment from a startup board in London (I delivered an expert opinion on microelectronics for mining) and was distracted that I did not cash out as I do (if you pay me in BTC, I cash out upon settlement, no hodling here), and waking up, the money has dropped. How do you get money and within days, it loses this type of value . My strategy has been: pay this teacher, and the teacher cashes out to USD immediately.
This is indeed a new world; shine ya eyes people.
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