Why Silvergate Capital Stock Shriveled by 22% Today
Investors in cryptocurrencies and related assets are used to dramatic price lurches, but the ones experienced Wednesday and Thursday by crypto bank Silvergate Capital (NYSE: SI) were extreme.
Thursday's decline was due largely to a disquieting report about activity in an account associated with a well-known crypto exchange. Investors reacted sharply, pushing the share price down to the point where it closed the session more than 22% lower.
In an exclusive report published Thursday morning, Reuters reporters wrote that top crypto exchange Binance had transferred large amounts of money from a Silvergate bank account it secretly controlled. The account belonged to Binance.US, an entity theoretically independent of its larger namesake company.
Source Fool.com
