Shares of cryptocurrency-related companies fell in premarket trading on Monday after Silvergate Capital Corp pulled the plug on its crypto payments network, following its doubts about keeping its business viable.
Shares in Silvergate hit a record low of $4.86 on Friday, shedding nearly 98% of their value since their record close in November 2021 and wiping out more than $7 billion from the company's market capitalization.
The firm has been struggling to stay afloat after the collapse of Sam Bankman-Fried's crypto exchange, FTX, in November drove investors to pull out $8 billion in deposits from the bank in the last three months of the year.Reporting by Manya Saini in Bengaluru; Editing by Anil D'Silva
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