Silvergate Bank’s (SI) woes, including the shutdown of its crypto lending platform, SEN, aren’t necessarily moving the price of bitcoin (BTC), Hany Rashwan, CEO of cryptocurrency company 21.co, said. Rather, he attributed recent price levels to macroeconomic factors.
Last week, California-based Silvergate said it would be suspending its 24/7 crypto exchange service, citing contagion concerns from the implosion of FTX and further regulatory scrutiny. The platform, which allowed its client to make transactions at any time, was used by major crypto players, including Kraken, Gemini and Binance.US.
Silvergate’s story has yet to be defined, Rashwan said, but bitcoin's (BTC) price performance is now being influenced by macroeconomic factors, including inflation, which he said “is still both rampant and here.”
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