Cryptocurrency Stocks Fall After Silvergate Decides To Close Down

Shares of crypto-related companies fell on Thursday, as Silvergate Capital Corp's collapse sparked a crisis of confidence in the industry.

Silvergate Capital Corp, one of the biggest banks in the cryptocurrency industry, said on Wednesday it was planning to wind down operations and liquidate voluntarily.

MARKET REACTION:

Shares of crypto-related companies fell on Thursday, as the bank's collapse sparked a crisis of confidence in the industry.

Silvergate shares were down 26% while peer Signature Bank and former Silvergate partner Coinbase Global Inc fell 8% each.