Insights

Signature Bank plummets in share price pre-market, after news of Silvergate halting operations

exchange68September 13, 2024

0 0 1 minute read

Quick Take

As of March 9, Silvergate will halt operations and undergo liquidation.
Silvergate saw a 70% drop in deposits in Q4, followed by a 90% drop two days later, which coincided with the worst bond performance in over 200 years.
This equated to roughly $13 billion in demand deposits being withdrawn in minutes with only $1.4B cash.
Silvergate Capital shares are down 44.6% pre-market.
The Signature Bank is currently 7% down pre-market and 9% down year-to-date.
While Signature Bank deposits are less liquid than Silvergate were, they also saw deposits decrease YOY for the first time.

Signature Bank Share Price: (Source: MarketWatch)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.