#FED error #Crypto caused the decline of Silvergate bank!

- Just here, #FED said that #Silvergate dropped due to over-reliance on #crypto segment but there is a big risk.

- #Silvergate Capital Corporation is a financial institution specializing in providing banking services to businesses in the digital currency and blockchain industries. It is known for its focused corporate services work related to cryptocurrency, including exchanges, institutional investors, and other active companies in the blockchain and digital asset space.

-From a little-known institution in the early 2010s, Silvergate has expanded rapidly to become the leading bank for crypto customers, growing from $1 billion in deposits in 2017 to $16 billion by 2021.

When the crypto market entered winter, the decline in prices led to the decline of many giants like #luna, and the peak was #FTX.

At dawn on September 3, Silvergate stopped operations and liquidated its assets voluntarily due to the recent decline in the Crypto market, creating billions of dollars in bank deposits.

From here #Silvergate also causes other banks to go bankrupt.

And what do you think about the definition of #FED? You can comment below!

#Cryptocurrency #coin #FED #Silvergate