Silvergate Bank Posts $1 Billion Loss For Q4 2022 – January 17

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$21,047

Bitcoin price continues to creep upward, as price breaks through the $21,000 level once again.

Top-20 altcoins have has small gains across the board, as Ether rises 3%, BNB advances 2% and Polkadot sees a 3% gain.

Top Stories for January 17, 2022 🔥

👉 Silvergate Bank Posts $1 Billion Loss For Q4 2022

Silvergate, a crypto-focused bank operator, reported a $1 billion net loss for the fourth quarter of 2022 as the sector suffered a “crisis of confidence.”

The company reported a $751 million loss on securities and a $135 million impairment charge related to the estimated $1.7 billion of securities it expects to sell in the first quarter of 2023 to reduce borrowings.

The company also reported that customer deposits fell by 68% in the three months ending Dec. 31, to $3.8 billion from $11.9 billion. The firm also cut 40% of its staff at the time, citing the crisis of confidence across the ecosystem.

👉 BoA Says CBDCs Are The “Natural Evolution” Of Payments

Bank of America (BAC) in a research report said that Digital currencies such as central bank digital currencies (CBDCs) and stablecoins are the natural evolution of money and payments – and will likely change how and when value is transferred over the next 15 years.

The report says it expects central banks in developed and developing economies to focus on payments efficiency and financial inclusion, respectively. It also says that CBDCs are not without risks, and may drive competition with bank deposits as well as possibly lead to a loss of monetary sovereignty and inequality among countries globally.

👉 Ethereum Reaches Half a Million Validators Ahead Of Shanghai Upgrade

The Ethereum network has reached 500,000 validators, according to data from BeaconScan, as the blockchain’s “Shanghai” upgrade comes closer in March of this year.

Validators secure proof-of-stake (PoS) blockchains by locking up their tokens to process transactions and prevent double-spending errors, in return for rewards in Ether (ETH).

The Shanghai upgrade will finally enable validators (also known as “stakers”) to withdraw their stake of ETH – something that has not been possible on the new network since the beacon chain was launched in Dec 2020.