March 9, 2023 3:38 PM | 1 min read

Litecoin (CRYPTO: LTC) and Ethereum Classic (CRYPTO: ETC)are both facing selling pressure andtrading lower Thursday afternoon. The broader cryptocurrency market is experiencing marked weakness asSilvergate Capital Corp'splanned liquidation has weighed on banks with crypto exposure.

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So What's Going On With Silvergate?

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Silvergate shares are plunging and taking crypto down with it Thursdayafter thecompany saidit will wind down operations and voluntarilyliquidate Silvergate Bank. Several top cryptocurrencies are selling off alongsidethe crypto-linked company.

Silvergate'sliquidation planincludes full repayment of all deposits. The company alsosaid it'sconsidering how best to resolve claims and preserve the residual value of its assets.

According to data fromBenzinga Pro:

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Why Ethereum Classic And Litecoin Are Diving - Benzinga