Shares 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.
Shares of the La Jolla, California-based bank were down more than 4 per cent in premarket trading, while crypto lending peer Signature Bank fell 3 per cent. Crypto exchange Coinbase Global and BTC mining machine maker Ebang International were both down about 1 per cent each. A slew of crypto heavyweights including Coinbase Global and Galaxy Digital have dropped Silvergate as their banking partner after the lender's latest filing raised questions about its ability to continue as a going concern.
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