End of Signature Bank Stock? Silicon Valley Bank, Silvergate Bleed

Signature Bank Stock faced the aftermath of the fall of major crypto supporting banks, as many witnessed bloodbath along with Silicon Valley Bank and Silvergate (SI). Signature Bank stock (SBNY) along with Silicon Valley Bank (SIVB) lost in double digits, wrecking the whole banking industry and shaking up global markets. The SBNY stock price has fallen for continuous five trading sessions, whereas the SIVB stock price fell 62.83% in a single day.

Signature Bank Stock Price (SNBY) Under Turmoil

Signature Bank stock price is amid the meltdown. The down trend was visible for over a week. Signature Bank is a major bank in the crypto industry.

Signature Bank Stock looks for support near $61.95. SBNY stock price fell by 46.25% in 5 trading sessions. It also recorded bulk sell-offs as the holders fear a domino effect from the whole debacle. The Bollinger Band diverges widely to reflect high volatility in the SBNY stock price.

RSI dropped to the oversold zone at around 16.41, showing overwhelmed selling among the investors. The MACD diverges wider under the negative cross and records tall seller bars. The market is visibly hurt and could stoke insolvency fears.

Silicon Valley Bank “Largest Failure” since 2008

Per BBC news, US regulators have ceased all customer deposits and shut down the Silicon Valley Bank. It is being touted as the “largest failure” of a US bank since 2008. It also mentioned that troubles of Silicon Valley Bank (SVB) provoked the customers to withdraw under threat.

The Silicon Valley Bank collapse came after it said it was trying to raise $2.25 billion to bridge the loss caused by the sale of assets. The assets sold consisted mainly of US government bonds, which were recording unusually high interest rates. The SVB stock fell by 62.34% in a single day. Coincidentally, SVB stock witnessed the same selling volume at roughly regular intervals. The sudden selloff pushed Silicon Valley Bank toward meltdown.

The Bollinger Bands split widely, aligning and displaying a highly volatile market. The RSI shoots to the oversold zone at 12.53, mirroring the selling pressure in the market. The MACD, while in negative cross, widens and records tall seller bars.

Silvergate Drowns and Takes Others Along

Per reports of CNN, crypto-focused lender, Silvergate, filed for voluntary liquidation and announced to wind up its operations. Its wind-up plan includes full repayment of all deposits. This is the latest string of failures among the prominent crypto industry firms since 2022.

Silvergate stock price took a down-trail for a few weeks and recorded a fall of 88.89% over that duration. The SI stock recorded mass sell off as it filed for voluntary liquidation. The Bollinger Band diverges to indicate a highly volatile SI stock price. Silvergate stock price reached from $23 to $2.52 in less than a month. The RSI fell to the oversold region, relating to selling action. The MACD formed a negative cross while recording ascending seller bars.

Conclusion

Signature Bank Stock price fell to take the impact of all major banks’ collapse. The Signature Bank debacle is attributed as a domino effect from Silvergate Meltdown and Silicon Valley Bank collapse. Fears of economic collapse amid high inflation and predictions of ‘bubble’ characterizes markets right now.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing