Bitcoin’s recent price rise has attracted the attention of cryptocurrency investors and fans after a whale investor made a significant transfer of BTC worth $230 million to an unidentified wallet. Speculation regarding the transfer’s potential implications for Bitcoin’s price in the near future has been stoked by this incident.
The recent considerable volatility in the cryptocurrency market has increased the level of ambiguity surrounding the future course of BTC.
This article will look at probable factors that could affect Bitcoin’s price and offer a forecast for its future direction.
Following the bank’s announcement that it was evaluating its capacity to continue operations, Silvergate’s shares experienced a roughly 50% decline in early trade on Thursday. The recent drop in the value of digital tokens and the failure of Sam Bankman-business, Fried’s which was one of Silvergate’s banking clients, have had a big impact on the bank, which places a lot of emphasis on cryptocurrencies.
As a result of a further worsening in its financial condition following its terrible fourth-quarter profits report, Silvergate said on Wednesday that it would not be able to submit its annual report to the Securities and Exchange Commission by the deadline of March 16.
In its statement, the bank said it was “assessing the impact of these subsequent events on its capacity to remain a going concern for the 12 months after the publication of its financial statements.”
Payments to and from Silvergate have been halted, according to US-listed cryptocurrency exchange Coinbase, “in light of recent developments and out of an excess of caution.” The exchange also stated that it had “minimal corporate exposure” to the bank and that other banking partners would handle institutional customer cash transactions.
The news has added to the unfavourable mood in the cryptocurrency market, which has already been having difficulties as a result of recent market corrections and regulatory worries. It is unclear whether Silvergate’s problems will materially affect the cost of Bitcoin and other cryptocurrencies.
Cuy Sheffield, head of crypto at Visa, confirmed that, at least in regards to Visa, allegations that Mastercard and Visa were slowing down their drive into cryptocurrency were untrue. Visa thinks that fiat-backed digital currencies operating on public blockchains have the potential to play a key role in the payments ecosystem, despite the difficulties and unpredictability in the crypto area.
With plans to provide cards to 40 more nations, Visa has been active in the crypto industry for some time. Since terminating international credit card agreements with the failing cryptocurrency exchange FTX in November, however, business has recently slowed down.
Yet, Visa submitted further trademark requests in October, making hints about conceivable plans for a cryptocurrency wallet and a metaverse product.
