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

Crypto Bank Silvergate to Miss Goal of Offering Stablecoin This Year

“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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