The crypto world is shocked following Silvergate’s plummeting stocks in the past few days. It created a dilemma and drew the attention of crypto investors and even the U.S. federal government.
Following the huge jolt of Silvergate’s shares, giant cryptos have pulled out their altcoins. Additionally, major altcoins Avalanche (AVAX) and Polygon (MATIC) unfortunately suffered losses. The up-and-coming meme coin, Big Eyes Coin (BIG), continues to impress with its fresh loot box offer, to boot!
What is Silvergate, and what is the fiasco about?
The Silvergate Exchange Network (SEN) is a California-based community bank that offers traditional financial services to crypto companies. After the decline in cryptocurrency prices and the bankruptcy of FTX in 2022, questions have been raised concerning Silvergate’s financial health.
However, SEN announced the termination of its round-the-clock cryptocurrency exchange business on Friday.
Silvergate had doubts about its future a few days earlier. It decided to hold off publishing its annual 10-K report until it had finished reviewing the developments that happened since the end of 2022.
Nevertheless, Silvergate has officially declared its unfortunate cancellation from the market. The platform, which aided users in financing their accounts using dollar-pegged stablecoins, was used by major cryptocurrency companies, including Binance US, Kraken, and Gemini.
Silvergate Drags Altcoins Avalanche (AVAX) and Polygon (MATIC) Down
Avalanche (AVAX) and Polygon (MATIC) felt the unfortunate crisis Silvergate experienced.
During the weekend, Polygon’s market capitalization saw a major dip in the red, with as low as $9.64 billion. Meanwhile, Avalanche was also in the red, with the week’s lowest market capitalization of $5.15 billion. They each suffered losses within the 4% to 5% range. According to CoinGecko, the market capitalization of all cryptocurrencies dropped to around $50 billion overnight.
Stakes of cryptocurrency-related companies dramatically shed the Friday before. Reasons may vary as to why Silvergate Capital Corp towed the plug on its crypto payments network, but it mostly surrounds the company’s doubts about keeping its business viable.
Big Eyes Coin Powers Through!
Big Eyes Coin makes the meme coin space happy and paints a positive hope for crypto fans with its Loot Box Campaign. BIG is currently running a campaign where investors can key in the vault code ‘819’ and get a complimentary 5,000% ROI Loot Box!
Additionally, members of the Cat Crew members can purchase five boxes: Saver Tin ($10), Cute Box ($100), Kitty Vault ($500), Super Saiyan Box ($1000), and Excali-Paw Chest ($10,000). Essentially, each loot box gives up to 900% return on investment (ROI).
BIG is on its $31 million mark and 12th presale stage, with just a few months until D-Day.
Bottomline
Cryptocurrencies have their fair share of risks; that’s why it’s essential to do your research. Understand the risks before investing your money into crypto. Additionally, never invest your entire life savings in crypto; only on what you can afford to lose.
Stay up to date on Big Eyes Coin’s latest news through the link below:
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL