Cryptocurrency prices fell sharply throughout the afternoon, as investor sentiment was shaken following Silvergate's shutdown announcement.
Crypto firms in the U.S. are down to one bank, Signature, said Brian Rudick, senior strategist at GSR.
In response, shares in smaller crypto banks fell sharply. Signature Bank dropped around 12% by market close, while Silicon Valley Bank lost around 60% of its value on the day. "It was a rough afternoon for risk stocks in general," said Matt Kunke, junior strategist at GSR, with the S&P 500 falling about 2% in the last 3 and half hours of trading.
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