Assessing EOS agony as Silvergate shutdown leads Block.One to count losses

ambcrypto.com:

The native token of the EOS Network [EOS] suffered a great loss in value following the crypto market tumble. Many altcoins experienced the same fate. However, for EOS, the case was not just related to an across-board Bitcoin [BTC] drawdown.

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While investors scrambled to ensure that losses had only casual consequences, Block.One announced that it held a stake at Silvergate Capital. However, the company which backs the EOS project mentioned that it was exiting its equity position. 

Although it admitted counting its losses, the comment also highlighted that its parent company Bullish was not exposed. The press statement read, 

“While we are disappointed with this outcome, we remain unwavering that banks and other financial institutions embracing the digital asset and cryptocurrency sectors are well-positioned to use technology to advance the capabilities of both the traditional financial services and the new burgeoning digital asset economy to better serve the needs of the public.”

The Silvergate uncoerced liquidation has been one of the major factors that have decreased the overall market capitalization. This extreme development has also spread fear while the market value dipped below $1 trillion.

Ad interim, EOS exchanged hands at $1.04, losing 10.34% of its daily value in the process. CoinMarketCap data also revealed that the token’s market cap had also been affected. 

This implied that the potential upside of the token may be non-existent in the short term. But do the technical indicators share a similar sentiment?

Indications from the daily chart showed that the EOS volatility has been expanding since 16 February. This was the interpretation of the