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A U.S. official said on Sunday that the deposit outflows that left many regional banks reeling in the wake of Silicon Valley Bank's failure had slowed and in some cases reversed, as investors tried to ascertain whether the crisis was contained.
Shares of Credit Suisse plunged after the bank's largest shareholders said they wouldn't purchase any more of the bank's stock. A failure of Credit Suisse would significantly affect the global banking system.
On Friday, SVB was taken over by regulators after massive withdrawals a day earlier effectively created a bank run.
The closure of New York based Signature bank, which has a number of crypto clients, is likely to reverberate across the digital asset industry, days after California's Silicon Valley Bank collapsed in the second-largest bank failure in U.S. history, and Silvergate Bank, another crypto-friendly bank, said it would wind down.
Kavita Gupta, Delta Blockchain Fund General Partner, joins Yahoo Finance Live anchors Dave Briggs and Seana Smith to talk about the collapses of Silicon Valley Bank and Silvergate, what they mean for the crypto market, and what's next for customers of the banks.
There's plenty of discussion about how the economy looks right now. This past week and over the weekend, three banks have failed.
Silvergate Preferred Stock now looks like a buying opportunity. Most of the assets are highly liquid and marketable assets.
Wall Street went into a tailspin last week due to the liquidation of Silicon Valley Bank and Silvergate Capital. Is it a case of specific business model failure or broad-based banking crisis?
Silvergate Capital SI, -11.27% served as one of the main banks for the crypto industry, prior to its collapse earlier this week. The news came just a week after the firm delayed its annual report to the U.S. Securities and Exchange Commission, causing shares of the Silvergate Capital to slump.
Markets moved broadly lower as fears in the regional banking sector grew. Banks with West Coast exposure saw the largest declines.