• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
Silvergate

Silvergate Halts Crypto Payments After Suffering $1 Billion Loss

Christian Encila
by Christian Encila
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Silvergate Capital has pulled the plug on its Silvergate Exchange Network (SEN) after the bank specializing in digital assets voiced questions about its viability.

SEN, the bank’s platform for crypto payments, is one of its most popular services. Unlike regular bank wires, which might take days to clear, the service enabled investors and crypto exchanges to make transfers at any time.

Related Reading: HSBC And Nationwide Banks Set Ban On Crypto Purchases In The UK

Viability Doubts Impact Silvergate Exchange Network

In the face of mounting uncertainty, Silvergate clients have distanced themselves from the bank, encouraging customers to direct assets elsewhere while assuring them that their funds are secure.

With a $1 billion loss at the end of the fourth quarter and more losses in January and February, the crypto bank disclosed in a filing on Wednesday that it may need to evaluate its viability.

Image: Yahoo News

In the same announcement, the bank acknowledged that it was the subject of investigations by bank authorities and the U.S. Department of Justice, and stated that its ability to continue as a “going concern” over the next year was uncertain.

The next day, a number of notable crypto clients left the bank, including industry leaders Galaxy Digital and Coinbase, and its stock price dropped by over 60% before stabilizing on Friday.

The Red Flags

The SEN suspension came after banking authorities provided several warnings to the financial institutions they monitor regarding the risks associated with crypto exposure, including volatility.

Crypto exposure carries inherent risks, according to experts. Unlike traditional investments, cryptocurrencies are decentralized and largely unregulated, leaving investors vulnerable to market volatility and fraud.

Cryptocurrencies also lack the stability of established financial systems, making them susceptible to sudden and extreme price swings. Additionally, the security of cryptocurrency exchanges and digital wallets can be compromised, leading to the loss of assets.

Investors are advised to consider their risk tolerance and thoroughly research any cryptocurrency investments before committing funds. It is important to understand the potential risks and rewards of investing in this rapidly evolving market.

Bitcoin (BTC) total market cap at $431 billion on the weekend chart | Chart: TradingView.com
Related Reading: Crypto Miners To Report Emissions Once Bill Pushed Back By US Lawmakers Gets Approved

Silvergate launched the SEN in 2017 to serve the growing demand for digital currency payment solutions. The network has gained popularity among institutional investors due to its ability to provide secure, reliable, and efficient payment infrastructure for digital currency transactions.

The bank has positioned itself as a leader in the digital currency space, offering a range of services to support digital currency trading and investment, including custody, lending, and foreign exchange services.

Before its suspension, the SEN has been recognized as an important development in the digital currency industry, providing a trusted and secure platform for institutional investors and businesses to transact in digital currencies.

-Featured image from Sites at Lafayette

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.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

Zcash news

Zcash (ZEC) Hits A ‘Tipping Point,’ Says Electric Coin Co. CEO

15 hours ago
Tokenization Set to Reshape Traditional Finance, Says Deloitte Survey, As Best Wallet Soars

Tokenization Set to Reshape Traditional Finance, Says Deloitte Survey, As Best Wallet Soars

18 hours ago
Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (October 7)

Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (October 7)

11 minutes ago
Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (October 7)

Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (October 7)

11 minutes ago
Analyst Predicts a $250K Bitcoin Amid Growing Institutional Support as Bitcoin Hyper Soars

Analyst Predicts a $250K Bitcoin Amid Growing Institutional Support as Bitcoin Hyper Soars

20 hours ago
Bitcoin Could Hit $131K After Setting New ATH, While Bitcoin Hyper Raises Over $22.2M.

Bitcoin Could Hit $131K After Setting New ATH, While Bitcoin Hyper Raises Over $22.2M

20 hours ago

Premium Sponsors

Press Releases

  • Fleet Asset Management Group Brings the Power of Cloud Crypto Mining in a Low-Carbon Package.

    Fleet Asset Management Group Brings the Power of Cloud...

    18 hours ago
  • The Quiet Market Shift Investors Might Be Missing: How Tapzi Is Challenging Institutional Favorites

    The Quiet Market Shift Investors Might Be Missing: How...

    5 days ago
  • Investors Search for Long-Term Upside in This Under-$0.01 Crypto of 2025 Tapzi

    Investors Search for Long-Term Upside in This Under-$0.01...

    5 days ago
  • MoonBull Presale Explodes with over 11,800% Projected ROI as Uptober Sends the Market Soaring

    MoonBull Presale Explodes with over 11,800% Projected ROI...

    5 days ago
  • 狗狗幣引領『Uptober』Meme...

    5 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.