Stock Price Shows More FUD Ahead? – Crypto News – Crypto News
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Stock Price Shows More FUD Ahead? – Crypto News

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Silvergate BlockFi News: With the FUD around further ftx With the contagion effect dragging on, the Silvergate BlockFi relationship is already creating some uncertainty. On Monday, crypto lender BlockFi officially filed for chapter 11 bankruptcy owing to the FTX contagion effect. Meanwhile, it remains to be seen how other firms that are heavily exposed to FTX respond in the coming days. Also, the Silvergate stock price dipped over news of the exposure to the crypto lender.

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Silvergate Stock Price Drop

Following the BlockFi bankruptcy filing, Silvergate announced it has minimal exposure to BlockFi. Due to this Silvergate Capital (SI) stock price dropped by 3% in the pre-market on Tuesday. As of writing, the stock price stands at $25.36, down 2.08% on the day. The company said in a statements that it is capable of managing stress and volatility amid adversity. Silvergate Bank focuses on innovative businesses in fintech and cryptocurrency. Around 90% of its assets are said to be in cryptocurrency and distributed ledger clients, it is said.

“Silvergate’s deposit relationship with BlockFi Inc is limited to less than $20 million of its total deposits from all digital asset customers as of November 28, 2022.”

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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