Cryptocurrencies have had a rough couple of days as word spread that the influential Silicon Valley Bank, which trades under SVB Financial Group (NASDAQ: SIVB), is facing a liquidity crisis. While this isn’t directly a hit to crypto, many venture capital firms use Silicon Valley Bank, so there’s a risk of a broader financial impact, which is why cryptocurrencies are down Friday

As of 10:30 a.m. ET, Bitcoin (CRYPTO: BTC) had fallen by 8.5% over the prior 24 hours, Ethereum (CRYPTO: ETH) had fallen 8.8%, and Solana (CRYPTO: SOL) was down 5.7%. Looking further back, over the past seven days, those cryptocurrencies are down 11.2%, 10.7%, and 18.5% respectively. 

What happened with SVB? Silicon Valley Bank assets seized by FDIC in largest bank failure since 2008

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