BTC Prices not Effected by Silvergate Bank’s Difficulties

03/07/2023 19:14 • Blockchain Buzz • 139 views

According to reports, Hany Rashwan, CEO of cryptocurrency company 21. co, said that the difficulties of Silvergate Bank, including the closure of its cryptolending platform SEN, would not necessarily affect the price of BTC. On the contrary, the recent price level is attributed to macroeconomic factors. The story of Silvergate has not yet been determined, but the price performance of BTC is now affected by macroeconomic factors, and inflation is still rampant. I think we haven’t got out of the trouble yet. We will continue to see interest rates rise, but it is really difficult to show whether the market has put its price in.

21. co CEO: Silvergate’s dilemma and the closure of SEN have no material impact on Bitcoin

Interpret the above information:

In recent news, the CEO of 21. co, Hany Rashwan believes that the recent difficulties of Silvergate Bank, including the closure of its cryptolending platform SEN, would not necessarily affect the price of BTC but it is attributed to macroeconomic factors. Rashwan reveals that the story of Silvergate has not yet been determined and although BTC prices are affected by macroeconomic factors, inflation is still rampant, indicating that we haven’t gotten out of trouble yet. He suggests that we will continue to see interest rates rise, but it is really difficult to show whether the market has put its price in.

This message showcases the current state of BTC prices and its relationship with macroeconomic factors. Despite the difficulties that Silvergate Bank has encountered, the BTC prices have not been significantly affected. The reason behind this is due to the ongoing economic situations, specifically the inflation crisis. Rashwan suggests that we haven’t completely moved past these issues as we are still seeing interest rates rise, and it is unclear how the market has responded to this instability.

The message highlights that the price of BTC may not necessarily be tied directly to the fluctuations and changes in the banking industry or specific entities. Instead, the market’s price performance is still largely connected to macroeconomic factors such as inflation and interest rates. This indicates that the cryptocurrency market is still very much a part of the broader financial system, and its stability is closely tied to the ongoing situation in the global economy.

In conclusion, the state of BTC prices is more connected with macroeconomic factors rather than fluctuations in specific entities like Silvergate Bank. The recent difficulties encountered by Silvergate Bank do not seem to have a significant impact on the market’s performance. As we remain in a phase of economic instability, the market’s price performance remains vulnerable to fluctuations in inflation, interest rates, and other macroeconomic factors.

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