According to a report from The Street, crypto-friendly bank Silvergate (SI) retraced on a massive 27% rally following a preliminary quarter result. The financial institution recorded a steep decline in customer withdrawals.
As a result, Silvergate’s shares declined by over 40% during today’s trading session. Representatives from the financial institution claim that there has been a “confidence crisis across the digital asset ecosystem” after the collapse of the crypto exchange FTX.
Confidence Crisis In Crypto Put Silvergate In Trouble
Once the world’s second-largest crypto trading platform, FTX filed for bankruptcy protection in late 2022. The trading platform and its executives allegedly commingled their customers’ assets with those of their trading arm, Alameda Research.
These events have rippled across the nascent industry as people’s confidence in crypto companies dropped. Silvergate is suffering from these consequences. The financial institution saw a decline i
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