The cryptocurrency-friendly bank, Silvergate's stock price closed at $5.72, a staggering drop of 57.72% in a single day, losing around 97.61% from its all-time high near $240 (December 31, 2021).
Previously, Silvergate's clients including Coinbase, Tether, Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets, LedgerX, Galaxy, and Gemini have announced the suspension of their cooperation with the bank. Circle has also announced the partial termination of their services with Silvergate. Additionally, MicroStrategy has clarified their relationship with Silvergate.