Crypto bank Signature slides on Friday amid troubles at Silicon Valley Bank, Silvergate
Publishing timestamp: 2023-03-10 16:04:09
Summary
Signature Bank shares dropped 22% amid a sell-off in bank stocks, following the liquidation of Silvergate Capital and the need for SVB Financial to raise capital to offset losses on bond sales. The Federal Deposit Insurance Corp closed Silicon Valley Bank and took control of its deposits, making it the largest US bank failure since the global financial crisis. Investors are worried about the likelihood that other banks with large bond portfolios could face similar issues. Signature Bank has minimal exposure to crypto, but concerns are growing that any crypto-related bank could be in danger.
Sentiment: NEGATIVE
Keywords: svb financial group, cryptocurrency, silvergate capital corp, markets, signature bank, business news, technology,