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Home Tech Crypto Silvergate Bank Reports 75% Increase in BTC Trading Volume

Silvergate Bank Reports 75% Increase in BTC Trading Volume

Document Analysis NLP IA

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positive
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Sentiment0.1765873015873
objective
redaction

Subjectivity0.37857142857143
it's an affirmation
Affirmation0.59322033898305

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Summary (IA Generated)

Bitcoin trading and transaction volumes surged at the pro-crypto Silvergate Bank in the first quarter of 2020.

S.

Securities and Exchange Commission (SEC) on its Q1 2020 earnings, Bitcoin (BTC) trading volume on the Silvergate Exchange Network (SEN) grew 75% over the previous quarter.

Though many holders saw negative returns from the crypto bloodbath, Silvergate reported “a fairly significant increase” in deposits of $447 million BTC following the March 12 downturn.

Based on the firm’s performance for the rest of Q1, Silvergate believes it is “well-positioned” for the additional expansion of digital assets and potential volatility in the future.

The bank said the volatility had been a good test for SEN — which was joined by both Kraken and the Winklevoss’ Gemini exchange last year.

Still in the pilot stage, the exchange offers leveraged trading to select institutional customers using BTC: .


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