Silvergate Capital was among the most preferred financial institutions for all businesses related to crypto, but has recently faced a myriad of issues related to its books. Over the weekend, the bank closed its crypto payment service, stating that it “made a risk-based decision to discontinue the Silvergate Exchange Network (SEN)”, a service that had allowed investors to carry out transfers to crypto exchanges 24/7. Following the closure and its statement on Friday, the bank’s shares plunged over 50% in just a few hours between Thursday and Friday, and also affected the prices of all major cryptocurrencies. Bitcoin and Ethereum dropped more than 5% following the bank’s debacle, while the market cap of all other 10 largest cryptocurrencies also saw similar declines. Bitcoin’s price fell to $22,050, after having remained around $23,500 for most of the previous day, with it s market cap declining by about $20 billion to $431.9 billion, also a sizeable amount.