Silvergate's deepening crisis jolts crypto stocks

📆 07/03/2023 02.11.00
📰 ChannelNewsAsia

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Shares of Silvergate Capital Corp fell 10 per cent in early trading on Monday after the bank suspended its crypto payments network and expressed doubts over the viability of its business.The crypto-focused bank said late on Friday that it had made a 'risk-based decision' to discontinue the Silvergate Exch

Shares of Silvergate Capital Corp fell 10 per cent in early trading on Monday after the bank suspended its crypto payments network and expressed doubts over the viability of its business.

The discontinuation could signal that Silvergate may consider winding down its operations, they added. Shares of Silvergate hit a record low of $4.86 on Friday, shedding nearly 98 per cent 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.

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Crypto stocks fall as Silvergate crisis deepensShares of cryptocurrency-related companies fell in premarket trading on Monday after Silvergate Capital Corp pulled the plug on its crypto payments network, following its doubts about keeping its business viable.The digital assets-focused bank said late on Friday that effective immediately it had made a '
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