Cryptocurrency prices fell on Friday as investors weighed the latest financial woes at Silvergate Capital and assessed what a potential bankruptcy at the crypto bank could mean for the broader crypto industry.
Bitcoin dipped by more than 5% to $22,261.22, according to Coin Metrics. Ether lost 5.5% and traded at $1,555.37.
The drop came late Thursday night, hours after several crypto companies said they’d stopped accepting or initiating payments to or from Silvergate
– including Coinbase, Galaxy Digital, Circle, Paxos and Bitstamp. Silvergate, which has become the go-to bank for cryptocurrency businesses, gave notice Wednesday that it won’t meet an extended deadline to file its annual report and warned it may not be able to operate another 12 months.
B.C. Begley 