I really think people underestimate this collapse of Silvergate. There is no use for shitcoins other than leverage gambling. BTC gets lumped in simply by being available for market algo paper bets. Weird things could happen here soon. I have no actual idea. Just thinking out loud.
Discussion
Silvergate going to $0 is big because it’s a failure of a crypto native bank. Will make creating this kind of bank very difficult in the future. Seems exchanges will be ok, but this is NYDIG’s banking partner, so not sure how they hold up
I think I was right about getting weird. #[0]