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Bitcoin Sinks to Two-Week Low as Silvergate Fallout Hurts Crypto

  • Unraveling of Silvergate crypto payment network hits sentiment
  • Prospect of higher interest rates also squeezes risk appetite
Bloomberg business news
Investors Offload Silvergate on Failure to File Report
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Bitcoin dropped to the lowest level in about two weeks, part of a wider retreat in crypto markets as investors digested the unraveling of a key industry payments network.

The largest token by market value sank as much as 6% before paring some of the slide to trade 4.9% lower at $22,323 as of 1:44 p.m. Friday in New York. Smaller coins such as Ether, Avalanche and the meme token Dogecoin also suffered declines.