"The crypto market reacted to the negative news from Silvergate Bank, with both bitcoin and ethereum down about 4.8% for the week," analysts at brokerage Bernstein said.
Shares of Silvergate hit a record low of $4.86 on Friday, shedding nearly 98% of their value since an all-time high close in November 2021 and wiping out more than $7 billion from the company's market capitalization."We believe a receivership/liquidation scenario is a distinct possibility and arrive at a liquidation value of $5 per share," Wedbush analysts said. The estimated price marks a roughly 13% downside to the stock's previous close.Silvergate as their banking partner.
The firm has been struggling to stay afloat after the collapse of Sam Bankman-Fried's crypto exchange FTX in November drove investors to pull out $8 billion in deposits from the bank in the last three months of the year.Reporting by Manya Saini in Bengaluru; Editing by Anil D'Silva and Devika Syamnath
This is America.
Ponzi schemes..lol
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