Blockhead Brief: Markets Spooked by Silvergate

Ah Monday... Everyone’s favourite day of the week. Whilst you were all living it large this weekend, Blockhead was busy keeping up with the ever tireless world of crypto. Here’s what you missed, and what to look forward to in the week ahead, condensed as Blockhead Brief. As ever, if you’re here from a friend, subscribe now.

Bitcoin and other cryptocurrencies continued to trade sideways throughout the weekend, with the world's largest cryptocurrency currently bobbing up and down near US$23,500 after sliding almost 5% on Friday as a result of the recent Silvergate bank controversy.

At the time of writing, Bitcoin (BTC) is trading at US$22,492.61 (+0.46%) while Ethereum (ETH) is trading at US$1,574.15 (+0.81%). Major altcoins such as BNB, Polkadot (DOT), and Avalanche (AVAX) have also been trading in green within the same period.

The crypto markets appear to have been spooked by events surrounding crypto-friendly Silvergate Bank. The company is facing mass client exits after it announced that it would need to review its books with auditors and accounting firms, and that it would delay filing its annual 10-K filing.