Silvergate’s Rumored Insolvency Clouds Crypto Market Outlook

Written By: Marcus Wang

Edited By: Charmyn Ho

Macro and Overall Risk Sentiment

U.S. equities saw support in the key resistance levels, while the Fed officials emphasized the need for further rate hikes on different occasions. Meanwhile, the crypto market declined as concerns over the largest crypto bank Silverbank’s solvency surfaced, with both BTCUSDT and ETHUSDT shedding 6.7% and 5.1%, respectively, in the past week.