SI - Why Silvergate Capital Stock Rose as Much as 8.4% Today
Silvergate Capital (NYSE: SI) enjoyed a good day on Monday. The stock rose by as much as 8.4% before its gains moderated -- it closed the session up by 3.1%. Investors somewhat appreciated the way Silvergate Capital distanced itself from last week's meltdown of crypto-trading exchange FTX.
In just the past week, FTX's liquidity crisis and subsequent bankruptcy filing have dragged down pretty much every investment with ties to the cryptocurrency sector. The financial firestorm has undermined investors' trust in the stability of cryptocurrency trading services -- and, ultimately, the concept of crypto at all.
At the end of last Friday's trading, the FTX Token (CRYPTO: FTT) at the heart of the FTX scandal had lost 86% of its value in seven calendar days. Bitcoin (CRYPTO: BTC) , the oldest and largest name in the crypto market, fell by 13% over the same period.
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Why Silvergate Capital Stock Rose as Much as 8.4% Today