The crypto asset (virtual currency) Bitcoin fell to the lowest price in regarding two weeks on the morning of the 3rd in Asia time. Cryptocurrencies in general fell amid widespread moves to suspend transactions with Silvergate, which provides a major payment network to cryptocurrency companies.
Bitcoin is trading at $22,330 as of 10:34 a.m. Singapore time (11:34 a.m. Japan time) following temporarily dropping 6%. Ether, Avalanche and Dogecoin also plunged.
Accelerating away from the Silver Gate, questioning whether it can survive overnight-stock plunge
Bank holding company Silvergate, which provides a payment network that enables instant fund transfers between cryptocurrency companies, is having a ripple effect in the cryptocurrency industry.
Many cryptocurrency exchanges, stablecoin issuers, and trading desks have already decided to stop accepting payments or issuing payment instructions through Silvergate. Silvergate said on Wednesday it would consider whether it might survive.
Original title:Bitcoin Sinks to Two-Week Low as Silvergate Fallout Hurts Crypto (excerpt)
