While cryptocurrencies are no stranger to sudden market moves and volatility, the recent market shake-up has left many in the industry reeling.

On Friday, a large red bar appeared on the trading charts of the major cryptocurrencies, with values ​​plummeting by hundreds of millions of dollars in just a few hours.

In the last week, Bitcoin‘S BTC/USD Price fell 4.8% while ether ETH/USD recorded a decrease of 3.9%.

Altcoins also had a poor performance in the last week Cardano ADA/USD And Solana SOL/USD Decrease of 6.3% and 8.3% respectively. Shiba Inu SHIB/USD And Dogecoins DOGE/USDtwo popular memecoins, also suffered losses, falling 9.9% and 5.5%, respectively.

Here are the main reasons for this recent market decline:

Uncertainty surrounding Silvergate Bank: One of the main reasons for the sudden drop in cryptocurrency prices was the uncertainty surrounding the environment Silvergate Bank S.Ia California-based crypto bank that plays an important role in providing market liquidity.

Silvergate Bank shares fell a staggering 58% during Thursday’s U.S. trading and continued their downward spiral on Friday.

The bank allows cryptocurrency exchanges and other customers to exchange cryptocurrency for fiat money, and its case has raised concerns about the stability of the cryptocurrency market.

Coinbase abandons Silvergate: Another factor that contributed to the market decline was coin base‘S COIN Decision to suspend payments to Silvergate.

Coinbase, one of the largest cryptocurrency exchanges in the world, cited “technical issues” as the reason for the suspension.

Still, the move has fueled safety and security concerns Cryptocurrency exchange security.

Gemini, Crypto.com, Bitstamp and MicroStrategy MSTR Hands off Silvergate: On March 2, several cryptocurrency companies announced they would temporarily stop accepting deposits through Silvergate Bank.

This further exacerbated concerns about the stability of the bank and the security of cryptocurrency exchanges.

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