Developing Story: Silvergate Bank announced Voluntary Liquidation

Days after issuing a warning that it wouldn’t be able to survive the year, Silvergate Bank has announced that it is going into voluntary liquidation.

The crypto-friendly bank was a crucial part of the ecosystem for the sector, acting as a fiat on-ramp for numerous companies.

Nevertheless, after Silvergate informed the SEC that it wouldn’t be able to submit its annual report by the deadline, numerous businesses severed ties with the company.

That followed the bank reporting a $949 million loss in 2022 as opposed to a $76 million profit the previous year.

Silvergate has stated that its plans call for the complete repayment of all deposits when it winds down operations.

The news caused Bitcoin to fall below $22,000, a level that bulls had been able to hold for the majority of the day.