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Silvergate’s Cryptofriendly Image Hits A Snag

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According to reports, MarketWatch data shows that the shares of Cryptofriendly Bank Silvergate have become the most short-selling stocks on Wall Street. Among …

Silvergates Cryptofriendly Image Hits A Snag

According to reports, MarketWatch data shows that the shares of Cryptofriendly Bank Silvergate have become the most short-selling stocks on Wall Street. Among all Silvergate stocks available for investors to buy and sell, short-selling stocks account for 73.5%, ranking first. Silvergate’s share price fell to $16.08 on Tuesday, down about 11%, 92% from the record high of $222.13 set in November 2021.

The shares of Cryptofriendly Bank Silvergate have become the most short-selling stocks on Wall Street, and Soros is one of the main drivers

Interpretation of the news:


Cryptocurrency enthusiasts seeking out crypto supportive banks have long been fans of Silvergate Bank. The San Diego based bank has been a symbol of progress and hope for those who see crypto as the future of money. The bank offered support for cryptocurrency exchanges and other businesses in the industry long before it was a mainstream concept. This is why the latest news surrounding Silvergate’s stocks comes as a surprise to many.

According to reports, Silvergate has now landed itself as the most short-selling stock on Wall Street. The data from MarketWatch indicates that of all the Silvergate stocks available, short sales make up 73.5%. This is not great news for a bank that has long been the poster child of cryptocurrency support. It is worth noting that the global market has been experiencing a battering at the hands of COVID-19, so it is possible that Silvergate’s drop in price is part of this. However, the bank’s long-standing reputation as “the crypto bank” makes the sudden shift in market sentiment noteworthy.

Silvergate’s shares have dropped by 11%, currently standing at $16.08. Compared to November 2021’s record high of $222.13, this is a significant loss, up to 92%. This significant drop in price could be attributed to the increasing regulatory pressure on cryptocurrency. The United States government has been increasingly scrutinizing the cryptocurrency market in a bid to reign in the industry’s risks.

In conclusion, cryptocurrency’s rocky road ahead is likely having unforeseen repercussions on industries that have supported it. Silvergate’s image as a crypto-friendly bank does not seem to protect it from the harsh reality of Wall Street’s volatility. The highly shorted stocks are not good news for investors or Silvergate. There is a possibility of recovery, but until then, the crypto community may need to look elsewhere for the next pillar of support.

Overall, the main takeaway from this news is that cryptocurrency’s legitimacy is still a matter of debate in many quarters. Even the banks that support it aren’t immune from the changing winds of finance. Investors must therefore assume a cautious approach to all things crypto-related in the future.

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