March 23, 2023

Zug co-founder Hany Rashwan has dismissed concerns that the recent crisis at Silvergate Capital is affecting the cryptocurrency industry. Speaking as CEO and co-founder of 21.co, Rashwan said that macroeconomic factors were having a greater impact on the price of bitcoin than the liquidity crisis and loss experienced by Silvergate. He also noted that the sudden closure of the crypto lending SEN platform had not had a significant effect on the price of BTC. Instead, Rashwan said that rising East Asian traffic and accelerated inflation were the main drivers of cryptocurrency price levels.

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