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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.
Signature Bank shares dropped as much as 32% on Friday and were halted amid a sell-off in bank stocks that continued for a second day.
Silvergate Capital (NYSE: SI ), a bank that focused on lending money to crypto investors, disclosed on March 8 that it would shut down all of its businesses and liquidate its main operating unit, Silvergate Bank. In the wake of the news, SI stock plunged 42% to $2.84 on March 9.
Silvergate Bank's implosion came after a bank run. Bearish traders voicing concerns bout the group fueled the crisis, said analysts at J.P.
The past few weeks have seen tech-focused banks offering crypto services and servicing crypto-friendly VCs run into financial difficulties. Silicon Valley Bank stock (NASDAQ:SIVB) dropped by over 60% on Thursday after the bank revealed selling assets and stock to raise funds.
Mad Money host Jim Cramer looks at what's going on with the banks.
Ava Labs President John Wu joins Ed Ludlow and Caroline Hyde to discuss the Silvergate meltdown's impact on the crypto space, and Avalanche's foray into gaming by partnering with Blitz and TSM. -------- Like this video?
Wedbush Securities Managing Director of Equity Research David Chiaverini joins Yahoo Finance Live to talk about Silvergate's collapse, stablecoins, and the current state of the cryptocurrency market.
Bitcoin tumbled Thursday to the lowest level since mid-January after Silvergate Capital Corp. said Wednesday it intended to wind down operations and voluntarily liquidate its subsidiary Silvergate Bank, a crypto-friendly lender.