SilverGate To Wind Down! Bitcoin and Ethereum’s Price Slump Over 10% While Big Eyes Coin Presale Makes Positive Waves
The crypto market experienced a significant decline due to Silvergate bank’s liquidation announcement and US president Biden’s budget proposal. Bitcoin and Ethereum suffered more than a 10% dip in their price while stablecoins witnessed an increase in demand from investors.
Silvergate Bank Announced Liquidation
Three decades before the Silvergate bank was founded in California as a small local lender. In the last decade, the bank started to support customers in the blockchain and cryptocurrency industry which boosted its value to the next level. By 2017, the bank witnessed massive growth reaching $1.9 billion dollars in assets and 250 clients. When the crypto market experienced a bullish trend in 2021, Silvergate bank saw a whopping rise of 1,580% in its share price. But by late 2022, its deposit decreased 50% from just three months earlier due to the FTX collapse.
FTX is a bankrupt cryptocurrency exchange company founded in 2019. In late 2022, the crypto news site CoinDesk published an article that stated Alameda Research, one of FTX’s partners, held a significant portion of its assets in FTX native token FTT. Soon after this article came out, Binance, the largest crypto exchange company, announced that it would sell its holding of the FTT tokens valued at about $529 million dollars. The fall of the once mighty emperor began from there. Within the next 10 days, FTX collapsed. On November 10, Bankman Fries, then CEO of FTX company publicly admitted that FTX had insufficient funds to meet customers’ demands.
The chaos created by the FTX impacted Silvergate bank which had less than 10% of FTX’s digital assets. The customers started to withdraw their deposits to avoid losses which shook the functionalities of the Silvergate bank. In January 2023, the bank announced that it suffered a net loss of 1 billion dollars in the fourth quarter. In the first week of March, the bank admitted in a filing to the US security and Exchange Commission, it had sold additional debt securities to pay financial obligations. On the 9th of February, the bank issued a statement regarding its plan for voluntary liquidation.
“In light of recent industry and regulatory developments, Silvergate believes that an orderly wind-down of Bank operations and a voluntary liquidation of the Bank is the best path forward,” the company said in the statement.
Downtrend In The Crypto Market
This shocking announcement from the Silvergate bank heavily influenced the crypto market to dip below 1 trillion dollars. Bitcoin, the top cryptocurrency, is not an exception. Its price plummeted to $19,000 from $22,100 and over a 10% dip in 24 hours.
The second most popular cryptocurrency also tasted the same fate as bitcoin. Its price slumped below $1,500 and recorded a more than 10% dip in the last 24 hours. The entire crypto market suffered a significant decline except for stablecoins. As predicted earlier, crypto investors moved towards stablecoins to survive the market volatility.
Meanwhile, a budget explainer paper from the US revealed that under Biden’s budget proposal, the country’s crypto miners could be subject to a 30% tax on electricity costs to reduce the mining activity. This report also had an impact on the crypto market which is already experiencing a downtrend.
Big Eyes Coin Shows A Catheletic Performance
Amidst all the chaos in the market, the Big Eyes Coin is still enjoying a positive trend in its presale stage. The new cat-themed meme coin has recently entered the 12th stage of the presale. So far the coin has raised more than 31 million dollars.
To boost the presale Big Eyes Coin introduced 4 different loot boxes which could return BIG tokens worth up to a million dollars. Investors just have to spin to get a BIG win. It also announced a vault pin that will give free loot boxes to investors who spend more than $100 on BIG tokens. The investors need to copy and paste the Vault pin 819 during purchase to earn free loot boxes.
Big Eyes Coin’s carbon zero functionalities and charity-focused ethos are making its presale a hiss-toric success. The coin uses proof of stake consensus protocol to reduce its carbon footprint and also allotted 5% of its total supply to save the oceans. Big Eyes Coin is celebrating international women’s day by helping Malala Fund to raise money, an organization that advocates and supports girls’ education across the globe.
At the time of writing a single unit of BIG token costs $0.00049. The price will be increased in the next stage of the presale and will continue to rise until its launch. Investors who wish to earn a profit during this downtrend in the market and also do not want to be affected by the volatility can consider Big Eyes Coin as a viable investment option.
More Details on Big Eyes Coin:
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
