More than $60 billion has been drained from the cryptocurrency market in recent days due to the fall in the price of Bitcoin.
The world's leading cryptocurrency suffered a sudden crash on Friday amid uncertainty surrounding cryptocurrency backer Silvergate Bank.
So far, Bitcoin has been unable to recover from the sudden price drop, which has led investors to fear that its strong start to 2023 is already over.
Data from the main price index CoinMarketCap shows that the price of BTC fell by more than $1,000 in 20 minutes, and the price was below $23,000.
"All this in the wake of Silvergate Bank's warning that the cryptocurrency sector may not survive another year," CoinMarketCap wrote in its daily market analysis.
"One of the virtual crypto companies has now announced that they have cut ties with the company in question, while others have gone to great lengths to emphasize that they are not affiliated with SilverGate.
"The latest drama is particularly worrying because Silvergate is (or was) the most popular fiat vehicle card issuer, and crypto companies may be increasingly isolated from the banking sector."
Despite the uncertainty surrounding Silvergate Bank, other crypto-backed banks have made significant profits over the past year despite the market downturn.
UK-based Revolut announced its first annual profit last week, citing growing public interest in the cryptocurrency.
With more than 25 million customers worldwide, the company says it will hit $1 billion (£850 million) in revenue by 2022.
The fintech recently announced plans to expand its crypto services, allowing customers to earn rewards for their cryptocurrency holdings.
Provable cryptocurrencies such as Ethereum (ETH) and Cardano (ADA) allow owners to create new cryptocurrencies using their holdings to secure the network.
"If you've had a bit of cryptography or are just getting started, there's still a lot to unlock - it's time to get your crypto up and running," Revloot explained in a blog post announcing the new feature.
"Betting can be a complicated process, but with Revolut it only takes a few steps to bet your cryptocurrency. All the heavy lifting is done for you and you start winning automatically."