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Top Bitcoin Lightning Wallet Ceases US Services

Final Farewell: Crypto Bank Silvergate Completes Deposit Repayments Amid Liquidation Process

Samuel Edyme
by Samuel Edyme
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Silvergate Capital, a bank known for its focus on crypto services, has recently completed the repayment of all its deposit liabilities. This move aligns with the bank’s announcement to wind down its operations and liquidate its business voluntarily.

It is worth noting that the decision to liquidate follows a tumultuous period marked by substantial financial losses and a rapid withdrawal of customer deposits earlier this year.

Related Reading: Silvergate Who? Meet The Pennsylvania Bank That’s Taking Crypto By Storm

Aftermath Of The FTX Collapse: Impact On Silvergate

The announcement of the deposit repayments marks a critical milestone in Silvergate’s winding-down process. Initiated in March, the liquidation plan responded to the notable impact of the collapse of the prominent crypto exchange, FTX.

The bank’s financial position deteriorated significantly as it faced a $1 billion loss following an exodus of customer deposits amounting to over $8 billion in the wake of the FTX fallout.

Silvergate Capital’s challenges highlight the broader ramifications of the FTX collapse on the crypto market and related financial institutions. The bank’s experience indicates the heightened sensitivity and volatility within the crypto banking sector, especially in the face of significant market disruptions.

The fallout from FTX’s collapse sent ripples across the crypto industry, contributing to an overall decline in market value exceeding $1 trillion in 2022.

According to the report, this downturn was further compounded by increasing interest rates and growing concerns about the stability and regulation of the crypto market.

The Road Ahead For Silvergate

As Silvergate Capital moves forward with its liquidation, the bank’s future and the implications for its stakeholders remain a subject of close observation.

The bank, once a beacon for crypto-related banking services, now finds itself navigating the complexities of an orderly wind-down. According to Reuters, with deposit obligations fulfilled and assets reduced to less than $10,000, the bank focuses on executing the liquidation process effectively.

Meanwhile, amid the crypto landscape’s tumultuous journey, marked by FTX and Silvergate Bank collapses, the global crypto market has shown significant resilience. The market has witnessed a notable rebound in recent months, with the market capitalization swelling by over 30%.

This resurgence can be attributed partly to the crypto community’s excitement and anticipation regarding the possible US Securities and Exchange Commission (SEC) greenlighting of a Bitcoin spot exchange-traded fund (ETF).

Related Reading: Microstrategy Repays Silvergate Loan As It Expands Bitcoin Holdings

This development has propelled Bitcoin to unseen levels in several months and significantly influenced the overall market dynamics. As a result, the global crypto market cap has soared to roughly $1.5 trillion.

The global cryptocurrency market cap value on TradingView amid Silvergate news
The global cryptocurrency market cap value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

This upward trend reflects the growing investor confidence and renewed interest in cryptocurrencies, signaling a positive shift in market sentiment after uncertainty and setbacks such as the FTX and Silvergate crash.

Featured image from Unsplash, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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