OTCbid - US bank suffers losses and job cuts after $11.6 billion in crypto withdrawals
" Past data show that we are approaching one of the best times to buy Bitcoin.
" The cryptocurrency crisis has hit yet another operator, with it having to scramble to sell off assets to stay afloat as well as laying off hundreds of staff.
A US bank has been forced to sell off assets and cut staff after it saw $US8 billion ($A11.6 billion) worth of cryptocurrency withdrawn by customers.
Silvergate, a bank which offers cryptocurrency services, revealed it had seen the huge amount of cryptocurrency taken out in just three months at the end of last year.
As a result, it was forced to sell $US5.2 billion ($A7.5 billion) in assets – including some at a loss of $US718 million ($A1.04 billion) – to cover the sudden withdrawal of funds and to continue trading.
US research firm Federal Financial Analytics managing partner Karen Petrou described the bank’s experience as “unprecedented” and “unusual”.
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