Customerssince crypto exchange FTX failed in November. Meanwhile, a drop in crypto prices as the Federal Reserve kicked up interest rates to tame hot inflation also Silvergate.
"[We] see investors and traders pulling their money, and the institutions have little to no mechanism to stop that. The adverse effect of this event negatively influences the price of bitcoin," Naeem Aslam, chief investment officer at Zaye Capital Markets, wrote in a Friday note. "But we are still surprised that the price of bitcoin hasn't fallen as sharply as many had expected, especially [as] Silvergate was one of the most important banks for crypto operations."The stock sank more than 60%, extending a Thursday selloff on contagion worries in the banking industry.
I will not be surprised even if it goes upto $2 only as being baseless is has only virtual value no backup....literally only a manipulative tool.
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