Cryptocurrency Market Suffers Second Consecutive Week of Losses
The cryptocurrency market has suffered its second consecutive week of losses, with leading cryptocurrencies experiencing a pullback in the first two weeks of 2023. The market’s decline comes after a virtual freefall at the end of 2022, leaving many to wonder if crypto has stumbled back into the woods.
The pullback this week appears to be a reaction to news that crypto bank Silvergate has delayed filing its annual 10-K report with the U.S. Securities and Exchange Commission (SEC). The delay caused Silvergate’s stock price to drop 31% in after-hours trading on Wednesday, prompting Coinbase, Tether, and other crypto companies to cut ties with the beleaguered bank.
Bitcoin (BTC) dropped 6.3% over the last seven days and currently trades for $22,336, while Ethereum (ETH)…
The market’s decline has left many investors concerned about the future of cryptocurrency. However, some experts believe that the market will recover in the coming weeks, as more investors enter the market and new technologies emerge.
Despite the recent losses, many investors remain optimistic about the long-term potential of cryptocurrency. As the market continues to evolve, it is likely that we will see new opportunities and challenges arise, making it an exciting time for investors and enthusiasts alike.
