Bitcoin set to end week 4% lower as Silvergate crash, Fed concerns erode sentiment

Bitcoin ( BTC-USD ) is set to end the week ~4% lower as Silvergate Capital's ( SI ) viability warning fueled fears of a domino effect in the cryptocurrency market. Risk appetite was also hit by ongoing concerns over the Federal Reserve's policy path. The Federal Reserve will likely raise its policy rate to a level higher than it projected late last year, given still hot economic data that point to continued inflationary pressures. The top crypto fell to an over two-week low on Friday, remaining firmly below $24K for the most part of this week. The overall crypto market cap currently stands at $1.03T, down 3.8% over Thursday, according to CoinMarketCap . Regulatory Updates Minneapolis Federal Reserve President Neel Kashkari said he remains "deeply skeptical" of cryptos' usefulness in the real world. Two Republican lawmakers opposed an April bulletin issued by the SEC intended to control how regulated financial institutions account for crypto. Three U.S. senators called on crypto exchange Binance to disclose its balance sheets, raising serious doubts over its compliance policies. Nishad Singh, former FTX ( FTT-USD ) director of engineering, agreed to plead guilty to fraud charges. Additionally, the SEC and the CFTC filed separate charges against him. Notable News Celsius Network ( CEL-USD ) resumed asset withdrawals for certain custody accounts. Binance.US remains committed to the acquisition of bankrupt Voyager Digital ( OTCPK:VYGVQ ), even after Binance CEO Changpeng Zhao suggested it may consider pulling out of the deal. Mastercard and Visa are said to have paused forging new relationships with crypto firms, owing to recent high-profile failures in the sector. Goldman Sachs is reportedly open to adding more staff to its crypto team, bucking the industrywide trend of layoffs following last year's downturn. Coinbase ( COIN ) suspended trading for Binance USD ( BUSD-USD ) as the stablecoin doesn't meet its listing standards.