Dogetti Grows Steadily While Bitcoin And Sandbox Suffer From Silvergate Bank’s Insolvency Turmoil

Cryptocurrency-focused lender Silvergate bank’s recent statement has heavily influenced the crypto market. In January, the California-based financial institution reported that it suffered a net loss of 1 billion dollars in the fourth quarter. It also laid off 40% of its workforce and abandoned many projects as a result of massive customer withdrawals.  

The US senators Elizabeth Warren, Roger Marshall, and John Kennedy also urged the government to probe Silvergate Bank for its alleged role in the FTX collapse that rocked the crypto market in late 2022. On Thursday, the bank said that it wouldn’t be able to submit its annual report, which was scheduled for March 16. In a filing to the US Security and Exchange Commission, the bank said that it sold additional debt securities to pay financial obligations, and further losses mean that the bank could be undercollateralized. The recent development in Silvergate bank's financial crisis sent its stocks plummeting more than 30% in a single day.  

Bitcoin At Two Week Low

In the middle of February, enjoying the hype created by Ordinal's inscription, Bitcoin touched the $25K mark. It gave hope to the investors who are waiting for the coin to bounce back to the level seen in 2021. But the market suddenly changed after the US Public Consumption Expenditure commission index was released. The value saw a rise of 0.6%, up 4.7% compared to the last year. The PCE index influenced the Bitcoin price to slip below $24K. Since then, the coin has been struggling to cross the $24K again. But as it was about to touch the desired value, the Silvergate bank crisis dragged it down to $23K. On Friday morning, Bitcoin price suddenly dropped from $23,500 to $22,300, sending shock waves across the market.  

Sandbox Suffers Security Breach

The blockchain-based metaverse platform Sandbox also suffered the same fate as Bitcoin on Friday. Sandbox is a decentralized platform that allows users to create, build, buy and sell digital assets in the form of games. The coin has been witnessing a downfall since April 2022. But, at the beginning of 2023, the coin started to gain momentum in the market. On Thursday, in an official blog post, the Sandbox announced the security breach it recently suffered. It said that an unauthorized third party had gained access to the computer of one of its employees and used the information in it to send emails falsely claiming to be from the Sandbox. The company also warned against phishing attacks and urged users to avoid clicking any hyperlink attached to the phishing mail. This security breach affected the Sandbox market to lose more than 2% on Thursday. The Silvergate bank’s crisis also had an impact on the Sandbox’s market. On Friday morning, The price of the Sandbox native token SAND fell from $0.68 to $0.62.  

Dogetti Records A Steady Growth  

Although the Silvergate bank’s financial crisis influenced the crypto market today, Dogetti did not seem to be affected. The new meme coin continues to entice more investors as it fast approaches its second stage of the presale. Its features, which include DogettiNFT, DogettiDAO, and DogettiSwap, are getting more attention from the crypto community. In the first stage of its presale, Dogetti raised $3,76,000 US dollars. The sixth stage of the presale will be rolled out in the next couple of days, during which the price of the DETI token will increase from $0.00007 to $0.00029. Before that, the investors can buy DETI tokens using the WISEGUY25 code to avail 25% bonus.  

Know More About Dogetti (DETI): 

Presale: https://dogetti.io/how-to-buy 

Website: https://dogetti.io/ 

Telegram: https://t.me/Dogetti 

Twitter: https://twitter.com/_Dogetti_