Shares of cryptocurrency-related firms, including Coinbase Global, Signature Bank, and Ebang International, plunged during premarket trading following Silvergate Capital's decision to discontinue its cryptocurrency payment network, SEN.
Amid the current rough patch in the cryptocurrency market caused by the Silvergate crisis, what are the best cryptos to buy today?
The La Jolla, California-based bank attributed the decision to a risk-based approach to keep its business viable. As a result, it lost several big names in the crypto space as partners, leading to a general crypto market selloff that saw Bitcoin and Ethereum prices tanking 4.8% and 4.7%, respectively, in the previous week.As Jerome Powell, Chair of the Federal Reserve, prepares to deliver two rounds of testimony before Congress' House Financial Services Committee, the macroeconomic environment continues to heat up as well.Investors are carefully monitoring his words on future economic policy and interest rates as we await the Fed's decision on a benchmark rate hike in two weeks' time.
To conclude this busy week in economics news, investors will also be paying close attention to nonfarm payroll data and remarks from Japan's bank officials.This month, the sentiment on cryptocurrency markets is rapidly transitioning from a bullish optimism to one of neutrality.Read more on cryptonews.com