{"id":522365,"date":"2023-03-08T23:03:58","date_gmt":"2023-03-08T23:03:58","guid":{"rendered":"https:\/\/ktsl888.com\/?p=522365"},"modified":"2024-06-11T14:34:08","modified_gmt":"2024-06-11T14:34:08","slug":"silvergate-bites-the-dust-down-35-as-crypto-friendly-bank-ceases-operations","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/silvergate-bites-the-dust-down-35-as-crypto-friendly-bank-ceases-operations\/","title":{"rendered":"Silvergate Bites The Dust, Down 35% As Crypto-Friendly Bank Ceases Operations"},"content":{"rendered":"

Silvergate Capital Corporation, the holding company for crypto-friendly Silvergate Bank, <\/span>announced <\/span><\/a>on Wednesday its decision to cease operations and voluntarily liquidate its bank.\u00a0<\/span><\/p>\n

Shares of Silvergate (SI) have taken a significant hit, trading down over 35% on the Nasdaq in the last seven days, in light of the recent regulatory approach by authorities to the industry.\u00a0<\/span><\/p>\n

Shares of Silvergate Bank, under the ticker SI, have lost more than 5% of their value in the last 24 hours, trapped in a sideways price action between $4.9 and $5.9 per share, following the crypto crackdown by the Securities and Exchange Commission (SEC) to over-regulate the industry.<\/span><\/p>\n

The digital asset bank has confirmed investors’ doubts about its viability after announcing on Friday that it had made a “risk-based decision” to shut down the Silvergate Exchange Network, leading to the decision to cease operations. Silvergate states:<\/span><\/p>\n

This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance<\/span><\/p><\/blockquote>\n

Related Reading: XRP Outperforms The Market As It Roses By 5%, Breakout Imminent?<\/a><\/div>\n

Silvergate Shares Are Doomed For The Worst<\/b><\/h2>\n

Silvergate shares fell more than 2% on Friday after the opening bell on the Nasdaq Stock Market, after closing 0.9% above the $5.70 mark.\u00a0<\/span><\/p>\n

Moreover, on Thursday, SI shares suffered what investors feared after the public feuds between the SEC and the crypto-friendly bank. Falling to a record low as they ended the trading day down more than 95% from the all-time high of $220 per share in November 2021.\u00a0<\/span><\/p>\n

Previously, Silvergate suffered breakups with former major partners after the warning that the bank emitted from the ongoing concerts of the ability to continue its operations, which caused the sale of additional debt at a loss; Coinbase Global and Galaxy Digital dropped the company as their banking partners, according to a Reuters <\/span>report<\/span><\/a>.<\/span><\/p>\n

In addition, stablecoin issuer Paxos, the former issuer of Binance’s BUSD, and Circle, the issuer of USDC stablecoin, suspended their partnership with the bank and exchanged Gemini, Cboe’s, and Bitstamp. <\/span><\/p>\n

After battling to stay afloat, SI shares have been hit by the company’s disclosed problems, with the genesis being the FTX case, where investors withdrew more than $8 billion in deposits from the bank in the last months of 2022.\u00a0<\/span><\/p>\n

SI shares have closed the trading day on the Nasdaq at $4.91, with no hope for it to recover after the announcement by Silvergate Corporation.<\/span><\/p>\n

Related Reading: MATIC Price Crashes Again, How Soon Can We Expect A Rebound?<\/a><\/div>\n
<\/div>\n
\"Silvergate\"
Silvergate (SI) stocks on the 1-day chart. Source: SI on TradingView.com<\/a><\/figcaption><\/figure>\n

Feature image from Unsplash, chart from TradingView.com.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Silvergate Capital Corporation, the holding company for crypto-friendly Silvergate Bank, announced on Wednesday its decision to cease operations and voluntarily liquidate its bank.\u00a0 Shares of Silvergate (SI) have taken a significant hit, trading down over 35% on the Nasdaq in the last seven days, in light of the recent regulatory approach by authorities to the industry.\u00a0 Shares of Silvergate Bank, under the ticker SI, have lost more than 5% of their value in the last 24 hours, trapped in a sideways price action between $4.9 and $5.9 per share, following the crypto crackdown by the Securities and Exchange Commission (SEC) to over-regulate the industry. The digital asset bank has confirmed investors’ doubts about its viability after announcing on Friday that it had made a “risk-based decision” to shut down the Silvergate Exchange Network, leading to the decision to cease operations. Silvergate states: This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance Related Reading: XRP Outperforms The Market As It Roses By 5%, Breakout Imminent? Silvergate Shares Are Doomed For The Worst Silvergate shares fell more than 2% on Friday after the opening bell on the Nasdaq Stock Market, after closing 0.9% above the $5.70 mark.\u00a0 Moreover, on Thursday, SI shares suffered what investors feared after the public feuds between the SEC and the crypto-friendly bank. Falling to a record low as they ended the trading day down more than 95% from the all-time high of $220 per share in November 2021.\u00a0 Previously, Silvergate suffered breakups with former major partners after the warning that the bank emitted from the ongoing concerts of the ability to continue its operations, which caused the sale of additional debt at a loss; Coinbase Global and Galaxy Digital dropped the company as their banking partners, according to a Reuters report. In addition, stablecoin issuer Paxos, the former issuer of Binance’s BUSD, and Circle, the issuer of USDC stablecoin, suspended their partnership with the bank and exchanged Gemini, Cboe’s, and Bitstamp. After battling to stay afloat, SI shares have been hit by the company’s disclosed problems, with the genesis being the FTX case, where investors withdrew more than $8 billion in deposits from the bank in the last months of 2022.\u00a0 SI shares have closed the trading day on the Nasdaq at $4.91, with no hope for it to recover after the announcement by Silvergate Corporation. Related Reading: MATIC Price Crashes Again, How Soon Can We Expect A Rebound? Feature image from Unsplash, chart from TradingView.com.\u00a0<\/p>\n","protected":false},"author":589,"featured_media":522366,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,11,31146,87941,85772],"class_list":["post-522365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-news","tag-silvergate-bank","tag-silvergate-capital","tag-silvergate-exchange-network"],"acf":[],"yoast_head":"\nSilvergate Bites The Dust, Down 35% As Crypto-Friendly Bank Ceases Operations<\/title>\n<meta name=\"description\" content=\"Silvergate Bank, announced on Wednesday its decision to cease operations, stocks are down more than 35% as the bank shuts down its doors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.","sameAs":["https:\/\/instagram.com\/itsmarquez_fr?igshid=ZDdkNTZiNTM=","https:\/\/x.com\/Rmmcapital"],"url":"https:\/\/ktsl888.com\/author\/ronaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Silvergate Bites The Dust, Down 35% As Crypto-Friendly Bank Ceases Operations","url":"http:\/\/ktsl888.com\/news\/silvergate-bites-the-dust-down-35-as-crypto-friendly-bank-ceases-operations\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/silvergate-bites-the-dust-down-35-as-crypto-friendly-bank-ceases-operations\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/the-blowup-5OfPf3_u_2c-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/the-blowup-5OfPf3_u_2c-unsplash.jpg?fit=2400%2C1500"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Ronaldo Marquez"}],"creator":["Ronaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","news","silvergate bank","silvergate capital","silvergate exchange network"],"dateCreated":"2023-03-08T23:03:58Z","datePublished":"2023-03-08T23:03:58Z","dateModified":"2024-06-11T14:34:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Silvergate Bites The Dust, Down 35% As Crypto-Friendly Bank Ceases Operations\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/silvergate-bites-the-dust-down-35-as-crypto-friendly-bank-ceases-operations\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/silvergate-bites-the-dust-down-35-as-crypto-friendly-bank-ceases-operations\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/the-blowup-5OfPf3_u_2c-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/the-blowup-5OfPf3_u_2c-unsplash.jpg?fit=2400%2C1500\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Ronaldo Marquez\"}],\"creator\":[\"Ronaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"news\",\"silvergate bank\",\"silvergate capital\",\"silvergate exchange network\"],\"dateCreated\":\"2023-03-08T23:03:58Z\",\"datePublished\":\"2023-03-08T23:03:58Z\",\"dateModified\":\"2024-06-11T14:34:08Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/the-blowup-5OfPf3_u_2c-unsplash.jpg?fit=2400%2C1500","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/522365"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/589"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=522365"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/522365\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/522366"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=522365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=522365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=522365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}