Powell Testimony in US Congress could wash out Silvergate FUD from crypto market
Based on Silvergate’s quarterly statements, the bank’s Q3 results were a total disaster recording a $1 billion loss. In a March 1 filing, Silvergate revealed an unexpected regulatory document alleging that “the quarterly numbers were actually significantly worse,” casting doubts on whether the bank will be able to continue operating.
Commenting on the matter, Ava Labs president John Wu said:
If Silvergate falls out of business, it will force funds and market makers further offshore. The difficulty of obtaining actual cash money, or liquidity in financial parlance, is the problem. Transactions become more challenging when there is less liquidity.”
