Even more crazy financial market news to report today. Just a few hours after Silicon Valley Bank was closed by California regulators, CNBC is reporting that more than $70 billion has been wiped off crypto market in 24 hours.
The news comes amid Silicon Valley Bank’s announcement that it sold off $21 billion worth of its holdings at a $1.8 billion loss. Additionally this week, Silvergate Capital, a major lender to the crytpo industry, said it was winding down operations and liquidating.
Bitcoin fell below $20,000 on Friday hitting a near-two month low after a stock market sell-off in the U.S.
CNBC notes that on Tuesday, U.S. Federal Reserve Chairman Jerome Powell indicated that interest rates may go higher than expected. The raising of interest rates over the past year has weighed on risk assets such as stocks, and in particular cryptocurrencies.
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