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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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