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STOCK MARKET NEWS: Biden’s budget, Silvergate hits Bitcoin, Norfolk Southern CEO in hot seat

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Investors eye President Biden’s budget plan which is expected to include a suite of tax hikes, Bitcoin slides after Silvergate Bank shuts down, Norfolk Southern CEO on Capitol Hill and weekly jobless claims jump. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.

Shares of crypto-focused companies fell on Thursday 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.

Silvergate's latest move adds to a list of high-profile collapses among crypto market players since last year. Shares of peer Signature Bank, which has been pivoting away from crypto since late last year, fell 8%.In its second mid-quarter update this month, Signature said digital assets accounted for just 18.5% of its total deposit balance.

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GBTC discount narrows, bitcoin trades above $22,000 as Silvergate leads drop in stocksCrypto prices sank while GBTC continued to benefit from what some perceived as a positive day in court.
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Silvergate Bank Announces Voluntary Liquidation as Crypto Industry Woes Persist – Bitcoin News'Silvergate believes an orderly wind down of bank operations and a voluntary liquidation of the bank is the best path forward,” the bank said. SilvergateBank Crypto Totally agree, but I only use ChiefraFba for signals and analysis Bear market still taking it's victims, but the space will be cleaner and stronger after this.
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