The announcement of the “voluntary liquidation” of Silvergate Bank was an expected but unpleasant event for the crypto market, which led to a drop in the value of major cryptocurrencies by capitalization.

Data from CoinGecko shows that key metrics such as BTC daily trading volume fell by $9 billion in March, to about $25 billion, from $36 billion in February. According to CoinMarketCap, a fall The volume of daily trading in bitcoins amounted to more than $14 billion, to a level of $21.4 billion.

Independent analytical platform CryptoQuant informsthat the daily volume of transfers denominated in bitcoins has decreased over the past 24 hours by 35%. The total number of transactions on the Bitcoin blockchain over the same period of time decreased by 17%, while the number of active addresses decreased by 10%.

“At the same time as the news of Silvergate’s financial difficulties, we began to see a decrease in the price of BTC, combined with a noticeable drop in trading volumes throughout the ecosystem,” says Guilhem Chaumont, CEO of Paris-based market maker, brokerage Flowdesk.

However, the businessman argues, the decline in trading volumes should not be considered as confirmation of the panic that allegedly swept the cryptocurrency market. According to Guillem Chaumont, traders have taken a breather and are planning their next steps as the market digests the collapse of another crypto-focused company.

On Thursday, March 9, the liquidity-troubled crypto bank Silvergate announced the start of a voluntary liquidation process. The liquidation plan includes the full repayment of all deposits, after which the bank’s activities will be stopped.