Bitcoin stabilized near its lowest point since mid-February 2023 on 9 March following the announcement by crypto-focused bank Silvergate Capital Corp that it plans to voluntarily liquidate. The California-based bank has been struggling after investors withdrew around $8 billion of deposits after the collapse of the crypto exchange FTX last year. While Silvergate is seen as an important bridge between the crypto industry and the traditional financial world, its closure is expected to have a limited impact on the market as it was widely anticipated.