Crypto wrap: Silvergate fallout pulls market down, Bitcoin at two-week low

Silvergate has been a go-to bank for the biggest crypto players but has come under fire since the collapse of FTX late last year

The fallout of crypto-friendly Silvergate Bank led to a major market sell-off and pulled Bitcoin to a two-week low. On Friday, it was trading at $22,375, the lowest since February 15, according to coinmarketcap.

"Big crypto-specific development to watch out for is the unfolding of events at Silvergate, as the crypto-friendly bank failed to file its annual report to the SEC, and its stock has come under heavy selling pressure. Markets are watching with bated breath to see if there's another domino left to fall post the FTX fiasco," said Parth Chaturvedi, crypto ecosystem lead at crypto exchange CoinSwitch.

"While