Why Silvergate Capital Plunged 24.6% in April
Shares of Silvergate Capital (NYSE: SI) fell 24.6% in April, according to data from S&P Global Market Intelligence. The crypto-focused bank plunged despite better-than-expected earnings reported during the month as high-growth stocks that had big gains in 2020 were pummeled by fears over rising rates and taxes.
Although Silvergate is a bank, it is valued much higher than a traditional lender thanks to its exposure to the booming cryptocurrency space.
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Source Fool.com