Cryptocurrency CEO Believes Silvergate Bank’s Difficulties Will Not Affect BTC Prices

03/07/2023 19:14 • Metaverse & Beyond • 72 views

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 cryptocurrency industry has been abuzz with the news that SEN, the cryptolending platform of Silvergate Bank is closing. The development highlights yet again the precarious nature of the cryptocurrency ecosystem. However, Hany Rashwan, the CEO of the cryptocurrency company 21.co, isn’t convinced that the development will have an impact on the price of Bitcoin (BTC).

Rashwan believes that the current price level of BTC is influenced by macroeconomic factors and not necessarily the troubles of Silvergate. Bitcoin’s steady rise over the last few months has been due to inflation, which is a macro-level economic challenge that many countries are currently facing. Rashwan thinks that the market has not yet priced in the challenges that lie ahead, and as such, BTC prices could still fluctuate.

Inflation has been an ongoing economic issue for some time, and its impact has been felt across various sectors, including cryptocurrencies. However, there is no clear indication of how inflation will play out in the coming months. Interest rates could increase, but it is difficult to know how the market will react to the news.

Despite these concerns, Rashwan remains optimistic about the future of Bitcoin. He believes that the cryptocurrency market has come a long way from its early days and can weather economic storms. Rashwan’s view is echoed by many industry insiders who advocate that cryptocurrencies are becoming increasingly mainstream and are thus more resilient to macro-level economic challenges.

In conclusion, the recent announcement about Silvergate’s closure of its cryptolending platform did not come as a surprise to many people in the cryptocurrency industry. The development is yet another reminder of the precarious nature of the industry. However, Rashwan’s belief that the bank’s closure will not affect BTC prices and that the current price is more reflective of macroeconomic factors could give investors pause for thought. Keywords that sum up this message include cryptocurrency, Bitcoin, and Silvergate Bank.

Overall, the message is an insightful look into the current state of the cryptocurrency industry and the potential impact of macroeconomic issues on Bitcoin prices.

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/metaverse/5531.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.