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Bitcoin (BTC) is leading the cryptocurrency markets lower and the matter is being exacerbated by Silvergate Banks' ongoing issues.

This week the cryptocurrency-focused bank said that it needed additional time to file its annual 10-K report and warned that it may not be able to operate for another 12 months.

Reacting to this news, several cryptocurrency companies announced that they were reducing or canceling their partnerships with Silvergate Bank.

The uncertainty regarding the future of the bank and its overall impact on the cryptocurrency sector may have caused a knee-jerk reaction.

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