By EWN • 11 March 2023 • 11:45
The Silvergate drama is one of the biggest events in the cryptocurrency market. As announcements of their liquidation hit the news, stocks plummeted, and investors are pulling their money out for safety. In the panic, it seems to be reminiscent of the 1929 stock market crash. With Bitcoin and Ethereum both falling below the critical thresholds and the market consumed by a sea of red, will history repeat itself?
On the lighter side one platform, SignUp Token, descends as a saviour for troubled investors who seek redemption from the bad period last year, and market rookies who are afraid that they will lose a fortune.
Silvergate was the cornerstone bank for cryptocurrencies since 2013, with many large cryptocurrencies including Bitcoin and Ethereum being their main accounts. The company recently faced financial difficulties and stated that they were unable to sustain themselves and support the market as they had lost over $8 billion during the crypto crash last year. The bank recently announced its voluntary liquidation.
Bitcoin has seen tough times before and has always pushed through it, most recently being the FTX crash of 2022 when the coin fell from a high of nearly $65000 to about $16000. The crypto winter was undoubtedly the worst time for the coin. However, it started strong in 2023, slowly rising to the $25000 threshold.
Crypto watchers were hopeful that it would reach the critical $30000 threshold in March but the Silvergate crash has greatly set the coin back. Bitcoin has been down about 11% since the first Silvergate announcement and has lost about $4000 of its value. Despite this, there is much optimism that the coin will recover because the market has gained enough revenue over its time to weather the storm.
2021 was a bright year for Ethereum, with it ending on over $4,000. The crypto winter hit and 2022 tested the strength of the coin, which showed in its prices as it fluctuated between
$2, 000 and $3, 000 throughout the year.
In 2023, the coin carried some residual effects when it traded at around $1, 200 and eventually had a bull run to around $1 600 at the end of February. However, the effect of Silvergate hit the coin hard and left it in the jaws of the bears. The coin is currently lower by around $200 and it has been declining since the announcements, but it still maintains its $1,400 value which also makes crypto watchers optimistic about it reaching its $1500 threshold as soon as the skies clear in the market.
Every cryptocurrency followed a specific process before it launched – Initial coin offering, presale, and eventually market launch – but now some tokens are doing this differently aiming to challenge the norms of traditional trading and change the way potential investors can access the market. One of these is Sign Up Token.
The platform does not have a presale or ICO, instead, it allows investors to sign up with their email addresses, and thereafter wait for the announcement of the launch through an email where they will also have a chance to purchase tokens. The platform attracts investors who believe in the profitable potential of crypto – 1 million investors to be exact- and will launch once it achieves this subscriber goal.
The current market may not be as bad as the 1929 crash, but it is extremely concerning in comparison. The Silvergate drama has almost brought the market to its knees, however, despite the struggle currently being experienced by Bitcoin and Ethereum, these founding giants will not fall. In addition, the crypto market is naturally evolving and the concepts within it are ingenious. Coins like SignUp Token will always be a testament to the dynamic nature of the market’s innovation and will never fail to attract investors.
Find your way to Millions, SignUp through the link below:
WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost
AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido
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