Why Crypto Stocks Are Falling on Thursday
The market continues to worry about the fallout of FTX's bankruptcy last week, which is hurting cryptocurrency-related stocks today. Some of the biggest moves aren't in cryptocurrencies themselves, but rather in the companies that make money off cryptocurrency trading and other financial services.
Shares of Silvergate Capital (NYSE: SI) fell as much as 16.9% in trading on Thursday morning, Coinbase (NASDAQ: COIN) was down as much as 7.5%, and Block (NYSE: SQ) was even down 4.6%. The stocks are down 9.3%, 3.7%, and 3.1% at 11:15 p.m. ET.
John J. Ray III, who is leading the team administering FTX in bankruptcy, filed with the court this morning, outlining the financial situation of FTX and its related entities. Not only were there shocking revelations like payroll approvals via emoji, but corporate controls also appeared to be almost nonexistent.
Source Fool.com
