Uncertainty Surrounding Silvergate Results in $4.5M Dogecoin Liquidation
Dogecoin (DOGE) dropped 7% in the last 24 hours as major cryptocurrency firms distance themselves from Silvergate Capital (SI). Over $4.54 million worth of DOGE was liquidated within the last four hours, with OKX and Binance seeing the largest liquidations. Across the crypto market, liquidations totaled $251 million, affecting 84,484 traders. DOGE’s liquidations fall behind Bitcoin and Ethereum, with BTC overflowing at $76 million while ETH hit $40 million. During the US trading day, Silvergate’s stock dropped over 50% as crypto clients fled the bank over bankruptcy concerns. DOGE was trading at $0.075 at the time of writing.
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