Has crypto turned over a new leaf after being stuck in a bearish price band?
Spoiler alert: it has not - at least not this week.
In fact, Bitcoin, Ethereum and the wider crypto market were hit hard after some crypto firms ditched long-time banking partner Silvergate Capital, adding to concerns the industry shakeout isn't yet over.
Price wise, Bitcoin is poised to finish the week around $22,335, down 4.4% from its level 24 hours earlier, according to CoinDesk. Ether was struggling too at around $1,566, down nearly 4%.
Earlier this week, a raft of crypto companies cut ties with Silvergate which had exposure to collapsed crypto exchange FTX. It appears the shake out will continue — there will be more shoes to drop, more victims of contagion, more clients who learn their money is lost.
Former co-lead engineer of FTX Trading Ltd Nishad Singh followed Samuel Bankman-Fried into the world of cryptocurrency, and has ended up pleading guilty this week to wire fraud and other charges.
Here’s a look at the news making headlines in the volatile world of crypto: