Silvergate Capital (SI) is to wind down operations and liquidate its bank. The SI stock fell by half overnight. "The bank has about $11B in assets and part of the liquidation is to repay them. Silvergate Capital (SI) was tied to FTX and that cut down the volume of bitcoin trading. Considering the announcement, the cryptocurrency announcement is holding up well. Jerome Powell's comments around bitcoin were around regulation," says Michael Zarembski.
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