To: maceng2 who wrote (197077 ) 3/9/2023 10:45:26 AM From: Pogeu Mahone Read Replies (2) | Respond to Silvergate Collapse Dragging Down Bitcoin Volume . Sam Reynolds Secure Your Seat Bitcoin traders are taking a breather and considering their next steps as the market digests the collapse of Silvergate Bank, which culminated in its “voluntary liquidation” Wednesday U.S. time . View All Prices “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,” Guilhem Chaumont, CEO of Paris-based market maker and brokerage Flowdesk, told CoinDesk in a note.Silvergate was one of the major fiat payment rails in the crypto market, offering traditional banking services to exchanges and market makers. As such, trading volumes have dwindled since Silvergate’s problems became public. “It certainly has a ‘calm before the storm’ feel to it. So the market is not shaking it off — FTX has made us all very much aware that anything can happen,” he said. “However, the situation can still go either way — meaning that if news about a reassuring resolution came, the confidence that characterized the first two months of 2023 could return.” {ROFLMAO} USDT daily volume is currently at an average of $32.3 billion per day so far in March, according to CoinGecko data, down from an average of $47 billion a day during February. Omkar Godbole contributed reporting.
