The post Silvergate Crisis Pummels Global Payment Cryptos Litecoin (LTC) and Dash (DASH); TMS Network (TMSN) Remains Unaffected appeared first on Coinpedia Fintech News
After a rather calm February, the crypto markets have plunged into uncertainty again with the Silvergate crisis. The top cryptocurrency exchanges in the world, mining companies, and even institutional investors rely on Silvergate’s infrastructure services. So, when Silvergate revealed that it was facing a financial crisis, its clients started reducing their exposure to the cryptocurrency market.
Silvergate is incurring huge daily losses as it is forced to sell its assets to maintain liquidity. The crisis runs so deep that Silvergate may shut down soon. As the crypto market tumbled, global payment cryptos like Litecoin and Dash are facing the brunt of this unfolding crisis. However, utility tokens like TMS Network have shown incredible resilience to the crisis. Here is why Litecoin and Dash are getting hammered while the TMS Network remains unaffected.
Litecoin (LTC) Dips Despite New Upgrade
Litecoin was expected to show an uptrend after the announcement of Litecoin Core 0.21.2.2. It was a security upgrade that would fix the issues that the earlier versions of Litecoin faced.
Litecoin is primarily a medium of exchange. Litecoin is used to transfer money due to its low cost and high speed. To grow, Litecoin recently entered into a partnership with Mastercard. They were supposed to offer a crypto-based card for their customers in the UK and the EU. However, after the dissuading signals from Silvergate, the launch of Mastercard’s Litecoin card has been pushed back. Since the altcoin is one of the most popular global payment systems, it is harshly affected by the fall of Silvergate.
Litecoin has been under serious bearish pressures since February. But the Silvergate news seems to have pushed the coin into the red. It will take the coin some time to get back on its feet.
Dash (DASH) Faces the Heat Too
Any development that impacts Litecoin will also affect Dash. After all, Dash is a Litecoin fork. The primary use case of Dash is also value transfer. It is used as a global digital cash equivalent.
Dash has experienced market-wide price correction after Silvergate Bank’s poor financials hit the media. This comes close on the heels of the recent reports on investigations into the Binance crypto exchange. Not to mention the Security & Exchange Commission’s crackdown on the crypto market, which has left everyone wary of the industry. This last development has shaken whale investors, who are now fleeing the crypto market.
Under such market conditions, there is tremendous bearish pressure on the Dash’s price. Not to forget, Dash is used for transactions. So, when crypto investors are not transacting, there’s not much use for Dash, is there?
TMS Network (TMSN) Hedges Investor Interests
The TMS Network is a decentralized trading platform for crypto investors. Its unique feature is that it allows crypto traders to trade in multiple asset classes, including stocks, Forex, CFDs, and cryptocurrencies. Given its diversified use case, the TMS Network has stood strong even in tumultuous market conditions. It is evident in the growing interest in the presale of the coin.
The stage 1 presale of the coin concluded recently. In just two weeks, the TMS Network raised $500,000 from its investors. But, even when the market conditions are bad, TMS Network is holding its ground. In the ongoing stage 2 presale, the coin has already raised $500,000 and hopes to rake in several times more funding by the time the event wraps up. And it is going to get even better.
If any of these benefits intrigue you, follow the links below and purchase in what is likely the top presale of 2023, according to some experts!
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