Bitcoin and Ethereum prices have stabilized after Friday’s plunge that occurred on rising fears over crypto-based bank, Silvergate. After announcing a 40% reduction in its workforce, the firm announced a “risk-based” decision to discontinue its Exchange Network.
As Coinbase, Galaxy Digital and Bitstamp reacted to the viability concerns by suspending payments and withdrawals through the Silvergate payment network, major crypto’s plunged before finding support at key technical levels.