Silvergate Shutters in Latest Blow to Crypto

The collapse of Silvergate Bank is dragging down bitcoin volume. CryptoQuant data shows that transfer volume, denominated in BTC, is down 35% over the last 24 hours. At the same time, the total number of transactions on the Bitcoin blockchain has dropped by 17%, and the number of active addresses has fallen by 10%. So far in March, daily bitcoin trading volume has averaged $25 billion, according to data from CoinGecko, versus $36 billion in February. “Coupled with the drop in the price of bitcoin, we have seen a noticeable drop in trading volumes, too, across the ecosystem when news about Silvergate’s financial difficulties broke,” said Guilhem Chaumont, CEO of crypto market maker Flowdesk.