Cryptocurrencies do not escape the collapse of Silicon Valley’s financial institution. On Friday, Bitcoin fell another 8 percent. This means that $70 billion, or 8 percent of the virtual currency’s total value, went up in smoke in less than 24 hours.
On Friday, the value of Bitcoin fell below $20,000 again. The decline means that $70 billion has gone up in smoke in less than 24 hours. The decline represents 8 percent of the virtual currency’s value and marks the lowest level in over two months, according to CNBC.
On Wednesday, Silvergate Capital, which has lent large sums to the crypto industry, announced that it will wind down its banking operations.
On Thursday, several American indices closed in the red, and on Friday, the losses continued due to the collapse of Silicon Valley Bank, which first had financial problems, then went bankrupt and was taken over by federal authorities.