Shares of two of the largest crypto-exposed publicly traded companies, Coinbase and MicroStrategy, each tanked 4% in early trading amid an otherwise strong morning for stocks, as the S&P 500 rose 0.6% to build on Thursday’s gains.to work with crypto clients, reaching a valuation of about $6 billion at its November 2021 peak.
Silvergatean $8.1 billion run during the last three months of 2022 as clients panicked over Silvergate’s nine-figure dealings with FTX. Shares of Silvergate are down 98% from its November 2021 high and fell nearly 60% Thursday after its top clients jumped ship.The recent crypto nosedive serves as “a reminder” of the “ripple effects” stemming from FTX’s collapse, which “undermined confidence” in the industry, Oanda analyst Craig Erlam wrote Friday.
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