Crypto stocks slide after Silvergate decides to shut down
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Loading... - Mina Carla
- 09 Mar 2023
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Shares of crypto-focused companies fell on Thursday in premarket trading after Silvergate Capital Corp disclosed plans to wind down operations and voluntarily liquidate, as the aftermath of FTX's implosion last year reverberates through the industry.
The crypto lender's shares slumped 45% to $2.86, a day after hitting a record low and losing 64% since the company flagged a going concern risk on March 1. Shares of Signature Bank , which uses blockchain technology, fell 9%.
Crypto exchange Coinbase Global, which severed ties with the bank last week, dropped 3%. Miners Riot Blockchain and Marathon Digital slid 3.5% and 4%, respectively.
Bitcoin steadied near at $21,647, its lowest since mid-February, with analysts and investors saying the market impact of the news was limited as it had been widely expected.
Silvergate's announcement also adds to a list of high-profile collapses of crypto market players since last year. Read More..
