While cryptocurrencies are no stranger to sudden market movements and volatility, the latest market shake-up has left many in the industry reeling.
A large red bar appeared on trading charts of major cryptocurrencies on Friday, with their values plummeting by hundreds of millions of dollars within hours.
In the last week, Bitcoin‘s (CRYPTO: BTC) price dropped by 4.8%, while Ethereum (CRYPTO: ETH) saw a decline of 3.9%.
Altcoins also had a poor performance in the last week, with Cardano (CRYPTO: ADA) and Solana (CRYPTO: SOL) dropping by 6.3% and 8.3%, respectively. Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE), two popular memecoins, also suffered losses, falling by 9.9% and 5.5%, respectively.
Here are the major reasons behind this latest market downturn:
Uncertainty Around Silvergate Bank: One of the key reasons behind the sudden drop in cryptocurrency prices was the uncertainty surrounding Silvergate Bank (NYSE: SI), …
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