JPMorgan Downgrades Crypto Bank Silvergate Capital After 4Q Results, Shares Slump

Silvergate Shares Drop to Fresh 2-Year Low Amid FTX Testimony

“While the challenging backdrop for the crypto settlement business was a factor in the worse than expected results being released, we also believe that concerns voiced by short-sellers (on Twitter) likely also contributed to Silvergate’s customers withdrawing deposits from the platform at a greater than anticipated level,” analysts led by Steven Alexopoulos wrote.

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