We are trying to make the Binance SQUARE Platform more valuable and attentive for you. Here are the details of our news;

A bank account is indispensable for cryptocurrency investors, because many people still make their daily payments with cards. Therefore, crypto companies need to cooperate with banks to continue their activities. However, the number of banks willing to work with crypto companies is not as many as expected; In fact, it used to be much more limited.

Silvergate and SEC Case

According to Bloomberg's report, the SEC filed a lawsuit against the bankrupt Silvergate Bank in Federal Court. It is still unclear to what extent this lawsuit, filed on charges of securities fraud, will affect the crypto markets. Silvergate, which worked extensively with cryptocurrency companies last year, suffered bankrupt and went bankrupt during the period of chain bankruptcies.

After the Silvergate collapse, some US politicians blamed volatility in crypto markets. However, we have observed that some banks that are not related to crypto went bankrupt because they could not afford bond discounts due to the Fed's rapid interest rate increases. To prevent these bankruptcies from spreading further, the Fed took action to provide liquidity to banks.

Possible BTC Effects

Silvergate Bank was closed on March 12, 2023. At that time, the simultaneous collapse of three crypto-friendly banks caused major declines in the crypto markets. If this investigation progresses in connection with crypto companies, there may be a decrease in the price of Bitcoin (BTC). However, in the current scenario, it is thought that only the bank is the subject of the lawsuit.

#BitcoinDunyamiz

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