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- The price of bitcoin hit a two-week low as the industry's crucial banking partner faces financial troubles.
- Silvergate has experienced a steep downtrend in deposits, along with a 95% plunge in share price over the past year.
- Bitcoin saw its largest one-hour drop since the blowup of FTX in November.
Cryptocurrency markets are tumbling as the industry's once go-to bank faces a slew of financial woes, potentially threatening global crypto liquidity.
The price of bitcoin hit a two-week low early Friday and experienced its largest one-hour price drop since the blowup of bankrupt exchange FTX in November. The token is trading 4% lower at $$22,394, per Messari.