While Silvergate’s demise may have rung alarm bells for investors around the durability of banks with close ties to the crypto industry, the rout has spread to more traditional lenders. Most notably, SVB Financial Group (SIVB), the holding company of Silicon Valley Bank, is down more than 40% on Friday and now off just shy of 80% for the week. The tech-friendly lender earlier this week announced a loss of around $1.8 billion on a securities portfolio valued at $21 billion, prompting a share sale to shore up its capital.
Source: https://www.coindesk.com/markets/2023/03/10/signature-bank-stock-down-12-in-volatile-action-as-bank-selloff-continues/?utm_medium=referral&utm_source=rss&utm_campaign=headlines