Bitcoin falling this morning amid broader fears of another high-profile bankruptcy this time at crypto Bank silvergate yes Bitcoin slides five percent in less than an hour amid Silver Gate uncertainty and this is really just the first piece of the puzzle because most of us have heard by now shares in silvergate fell 50 on Thursday after the crypto friendly lender said it's evaluating its ability to continue as a going concern and delayed filing its annual report with the Securities and Exchange Commission for a 60-second summation on silvergate it's a real bank it's based in California it's actually been in operation since 1996 but you probably know it because it's known as the crypto Bank it was servicing clients such as coinbase such as Gemini such as FTX which is a big reason why you have shares down over 50 percent today alone that's because yesterday silvergate said that it needed more time to file its 10K form because basically it needs more time to really assess the damage to its finances after last year's crypto blow up and a big reason why it needs more time is because it needs to figure out whether it's still viable as a business at all whether it can say up and running so that brings us to today you have silvergate saying that it's working diligently to file that 10K as soon as possible but clearly Traders aren't waiting around and The Client List that was a banking with silvergate is wild even Michael Saylor's microstrategy took out loans to buy Bitcoin so now with this solvency uncertainty what now happens to the clients all right as with any of these stories David we're wondering about collateral damage how does this impact other crypto companies yeah that's a good question I mean generally uh when you think about a bank especially uh one that caters to crypto exchanges um they're for market makers and for exchanges there's going to be a less liquidity available um less quickly but that being said several crypto firms have quickly come out to distance themselves from uh Silver Gate including coinbase paxos Galaxy digital uh UK headquarter exchange bit stamp Gemini crypto.com and circle and none have confessed to have material exposure to silvergate meaning that this is somewhat of an isolated situation at least as of now from what these companies are saying they've all said that they've made this decision out of an abundance of caution a micro strategy which is also the largest corporate holder of Bitcoin on its balance sheet said that it did borrow uh alone loans from uh Silver Gate into which are due in 2025 and those loans will not be accelerated even if silvergate goes insolvent so for now for the time being from the people we have heard from it sounds like it's relatively isolated that being said Finance us and Kraken have both decided not to comment so if the worst should happen if a bankruptcy with silvergate occurs which is looking more and more likely that will generally mean less liquidity in the system and more cell pressure just like FDX just like Celsius more cell pressure for the crypto market now the only companies that haven't issued a statement about this yet at the time of recording is Kraken and binance us the minute I get an update I will make a video I'll keep you updated but as of this morning the Market's not waiting Bitcoin long liquidations hit their highest level since August meaning centralized exchanges liquidated bullish long Futures worth over 62 million dollars during the early Asian hours so if Longs are being liquidated that means people that were projecting bullish price momentum people were betting that the price of Bitcoin would go higher they got liquidated suppressing the Bitcoin price lower the dominance of long liquidations shows The Leverage was skewed to the bullish side meaning most Traders were positioned for a price rally and this is a major reason we saw the Bitcoin price go lower in the short term with ethereum something bigger is happening major ethereum conference Heath Denver is happening right now and the footage the theatrics coming out of East Denver is wild okay guys we have reasoning behind markets it wasn't silvergate it wasn't a long squeeze someone in East Denver saw this and then Mark it down [Music] after me [Music] anyway we don't talk about cryptosing into ponzis and other scams tough to be full-time teaching and looking at jpegs when I should be noun and grappling with a protocol I do not understand do you have weak hands this is why I buy ethereum for the culture and something even bigger let me share with you the official opening ceremony at East Denver but before this Jokes Aside eth developers push back the Shanghai upgrade to early April and while the test net is still happening this month core developers set their date for the go early testnet deployment on March 14th the mainnet as well as the staked ethereum withdrawals will have to wait until April so what does this mean to you it just means that investors with staked ethereum will have to wait a little longer to withdraw I am waiting I am watching and I am wishing that I was here right now at the opening ceremonies of eth Denver yesterday [Music] [ __ ] you in the next full Market we promise not to you centralize its changes run by these toxic Jews written for the next words it goes not your keys not your points when will we ever learn [Music] [Applause] only above [Music] rides on the magicals now of course that's in Denver if you want to join us in La later this month come out to Outer Edge LA and use altcoin daily VIP use code altcoin daily VIP for 10 off your tickets hedera making moves hedera on board's top coinbase official to drive growth h-bar price poised for bull run now let's be very real about this news I want to address this in a second but the big on board Brian Brooks former coinbase exec as well as former acting U.S Comptroller of the currency joins hedera board to drive growth and Brian Brooks is so well respected in the space I think this is a huge get for hedera one of the things that makes crypto risky is that consumers may not understand the difference between one token and another token and so they may want to diversify much as I own an S P 500 mutual fund we don't allow that in the United States we do allow it in Canada we allow it in German East Singapore Portugal and a number of other places so if you're a developer of those products there's no fuzzy line it's super clear you can't do that here so you have to go abroad okay there are some other people can you say why we can't do that here sure it's because the security is an Exchange Commission has consistently refused to approve products that other G20 Nations have approved so we're behind the curve unquestionably and while I do see this being bullish for the protocol in the long run this channel will always keep it real with you over 3 billion h-bar tokens set to unlock massive hedera price drop ahead so hedera is set to witness a token unlock of 6.28 of its Supply and when will this happen well it already has on March 1st of this year they unlocked now obviously that does not mean that all this is going to be sold but it out means that all those early investors that had a vesting period now have the option so some bearish technicals yet some bullish fundamentals I like it and like always see you tomorrow
