Crypto stocks slide after Silvergate decides to shut down

Published by
Reuters UK

(Reuters) – Shares of crypto-focused companies fell on Thursday in premarket trading after Silvergate Capital Corp disclosed plans to wind down operations and voluntarily liquidate, as the aftermath of FTX’s implosion last year reverberates through the industry. Analysts said a complete closure of the crypto lender could take one or two years depending on how quickly outstanding loans are repaid and assets are disposed of. Silvergate’s latest move adds to a list of high-profile collapses among crypto market players since last year. Its shares halved in value to $2.44, a day after hitting a rec…

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