The value of Silvergate stock has reached an all-time low; this is a big blow to such industries in the crypto world, which are struggling with the fall of FTX and trying to gain its hold back.
What is Silvergate?
In the world of cryptocurrencies, Silvergate is not a new name; rather, it is a bank that stands out on its own due to its involvement in cryptocurrency trades. It is a public company listed in the New York Stock Exchange., with its headquarters in La Jolla area of San Diego in California.
All friends in happiness, no one in sorrow
As Silvergate's stock crashed, all of its partners began severing all ties with it in the name of protecting the interests of their own customers. Crypto.com, Coinbase, Circle, Paxos, etc. are all on their way.
Firm under pressure, Binance to blame again?
Silvergate Bank's parent company, Silvergate Capital, is now under attack, three US senators (Elizabeth Warren (Democrat), Roger Marshall, and John Kennedy (Republican)) wants answer from the firm.
Senetors also blame the world's largest crypto exchange, Binance, for Silvergate's current state. Binance has been called the hub of illegal financial activities.
