Cryptocurrency According to focused bank Silvergate Capital, the bear market that has hit every corner of the digital asset industry is not over yet and there may be some more trouble in the next few quarters.
Silvergate CEO Says Cryptocurrency Market Might Take “A Few More Quarter” Troubles
Alan Lane, the company’s CEO and former TradFi banker, stated in an interview that the crypto industry may still have a few problems for some exchanges and crypto funds in the next few quarters. said.
However, Lane said that investors should not compare the current crypto price decline with previous ones given the overall change in the global economy, as digital assets have fallen with macro trends such as rising interest rates and inflationary pressures.
Given the crypto downturn, analysts expect a weak quarter for various crypto companies, from exchanges to miners, but Silvergate’s second-quarter earnings reversed that trend.
bitcoin Silvergate Exchange Network (SEN), a fiat-to-market platform, recorded a 34% year-over-year increase in US dollar transfers in the second quarter, while net income increased 85% year-over-year.
Despite the recent collapse of several crypto-linked financial institutions, Lane remains positive about using Bitcoin for his lending program:
“We are definitely still interested in lending in exchange for Bitcoin. We believe this is the best lending we’ve ever done, and we want to continue to grow that.”
*Not investment advice.