Silvergate Bank Difficulties may not Affect BTC Price, says CEO of Cryptocurrency Firm
According to reports, Hany Rashwan, CEO of cryptocurrency company 21. co, said that the difficulties of Silvergate Bank, including the closure of its cryptolen…
According to reports, Hany Rashwan, CEO of cryptocurrency company 21. co, said that the difficulties of Silvergate Bank, including the closure of its cryptolending platform SEN, would not necessarily affect the price of BTC. On the contrary, the recent price level is attributed to macroeconomic factors. The story of Silvergate has not yet been determined, but the price performance of BTC is now affected by macroeconomic factors, and inflation is still rampant. I think we haven’t got out of the trouble yet. We will continue to see interest rates rise, but it is really difficult to show whether the market has put its price in.
21. co CEO: Silvergate’s dilemma and the closure of SEN have no material impact on Bitcoin
Interpretation of the news:
The CEO of 21.co, Hany Rashwan, has reported that the difficulties of Silvergate Bank- including the closure of its crypto-lending platform SEN- may not negatively affect the price of Bitcoin (BTC). Rashwan reported that the recent price level of BTC is attributed to macroeconomic factors and not the current issues with Silvergate Bank. The story of Silvergate is still uncertain, but Rashwan believes that inflation is still a major issue, and the market has not yet fully compensated for this reality, which means that there is still a lot of uncertainty that lies ahead for the cryptocurrency community.
Despite the difficulties that Silvergate Bank is currently experiencing in the cryptocurrency market, Rashwan remains optimistic that the BTC price will continue to thrive. However, he stated that the cryptocurrency market is still experiencing a lot of turmoil, making it difficult to determine if the market has placed the appropriate price on BTC. For instance, as interest rates continue to rise, it is difficult to predict any significant changes in the market, including the prices of BTC.
Compared to the traditional stock market, cryptocurrencies are relatively new assets that are not yet subject to uniform regulations. Therefore, the cryptocurrency market is still very volatile and subject to manipulation by external factors that are beyond anyone’s control. Rashwan’s analysis considers some macroeconomic factors that the industry may not have wholly addressed, such as inflation.
In conclusion, while the uncertainties faced by Silvergate Bank create a concerning cloud hovering over the cryptocurrency market, the CEO of 21.co still sees bright days ahead for the BTC price. However, considering the significant macroeconomic factors that may not yet have been fully taken into account, it is difficult to predict what will happen in the future. Keywords that illustrate this interpretation include Silvergate Bank, cryptocurrency, BTC, macro factors, and inflation.
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