Silvergate Collapse Dragging Down Bitcoin Volume

Source: CoinDesk

“Bitcoin traders are taking a breather and considering their next steps as the market digests the collapse of Silvergate Bank, which culminated in its ‘voluntary liquidation’ Wednesday U.S. time. CryptoQuant data shows that transfer volume, denominated in BTC, is down 35% over the last 24 hours. At the same time, the total number of transactions on the Bitcoin blockchain has dropped by 17% during this same time period, and the number of active addresses has fallen by 10%. For the month of March, bitcoin trading volume has come in at an average of around $25 billion, according to data from CoinGecko, versus around $36 billion for the month of February. … Silvergate was one of the major fiat payment rails in the crypto market, offering traditional banking services to exchanges and market makers.” (03/09/23)