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In one of the latest blows to cryptocurrency, US-based bank Silvergate Capital which was once the cornerstone in the crypto industry has announced that it is shutting down and returning deposits. In a statement, Silvergate Capital Corporation, the bank's holding company, said the decision comes "in light of recent industry and regulatory developments."
The decision comes a week after the company informed the US Securities and Exchange Commission that it was evaluating its ability to operate further as its stock crashed by 95% during the past year as a result of the FTX crash and bankruptcy.
Following the bankruptcy of crypto exchange FTX, Silvergate, which held $14.3 billion in total deposits and $16 billion in assets during the peak of crypto in 2021, crashed to $6.2 billion and $11.3 billion by the end of Q4 in 2022.
Silvergate said the decision to shut down was "the best path forward" after multiple partners of the bank, including high-profile firms like Coinbase Global Inc and Galaxy Digital, severed ties with the bank last week.
The fallout has rippled across the crypto marketplace with Bitcoin (BTC) and Ethereum (ETC), the two most powerful coins registering new weekly lows while Dogetti (DETI) remained watchful and at the same time making steady headway into the meme coin space with its presale.
Bitcoin (BTC), slid to its lowest value in three weeks triggered by the Silvergate crisis, further raising concerns among investors. Having lost 1.73% overnight, the value of Bitcoin slipped to its current price of $21,637.87. This is a minor improvement from the 7-day low of $21,630.84 the biggest crypto in the industry posted a few moments prior.
At the time of writing, Bitcoin was indicating a weekly decline of 7.48% as experts suggest that BTC's price will dip even further if the bears breach the $21,500 support level and will eventually fall to the psychological price level of $20,000.
Ethereum's (ETH) price, similar to Bitcoin, is trading in a downward trend and struggling to hold above a key level as it posted a 7-day low of $1,530.43 from $1,648.48 which it traded at earlier in the week. With an overnight loss of 1.58%, Ethereum was trading at $1532.58 while indicating a weekly decline of 6.66%.
Analysts predict that as buyer momentum continues to reduce, Ethereum's price could drop below the support confluence due to the horizontal level and could descend toward $1,212 before a possible trend reversal.
Dogetti (DETI) is the latest ERC-20 meme token built on the Ethereum blockchain with the concept of generating long-term growth and development for its holders as opposed to short-term gains or temporary trends. Dogetti will be owned and controlled by its community, the 'Dogetti Family" to foster the project's vision of building a stable and resilient ecosystem with real-world use cases.
The meme token entered stage 2 of its Initial Coin Offer (ICO) after racing through the first stage raising $500,000 in a matter of weeks. The project has now raised $518,744 and will advance to stage 3 after raising $4,000,000 worth of DETI tokens.
A DETI token increased by 300% from its presale launch price of $0.00007 to $0.00029 in stage 2 and will surge by 900% from its stage 1 price to $0.0007 in stage 5 when the currency launches. Users can make heavier returns by using the bonus code 'WISEGUY25' and receive an additional 25% DETI tokens when the meme token goes live on the market.
DogettiNFTs are the project's flagship feature which users can adopt as their very own Dogetti puppy to be used as a digital companion to buy, sell and trade other Dogetti NFTs in exchange for fiat or crypto. The other features of the DETI ecosystem; DogettiSwap can be used to swap any ERC-20 token with a 2% reflection protocol where 2% is redistributed among all Dogetti token holders, 2% is added to a charity wallet, and 2% is split between the liquidity and burn wallets. Using DogettiDAO will allow the DETI family to shape the project's direction and earn rewards for their participation.
Presale: https://dogetti.io/how-to-buy
Website: https://dogetti.io/
Telegram: https://t.me/Dogetti
Twitter: https://twitter.com/_Dogetti_
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
