Mar 3, 2023 - Economy

Charting Silvergate Bank's wipeout

Data: Yahoo! Finance; Chart: Axios Visuals

Much can be destroyed in just a year.

Case in point: Silvergate Capital stock has cratered by 95% during that time span, as it becomes the next flashpoint in crypto's seemingly relentless upheaval.

Driving the news: See that vertical drop in March? It has everything to do with the crypto bank's outlook, which the company said did not look good.

Flashback: Around this time last year, the stock was riding high. Folks were excited about the prospect of the crypto bank eventually issuing a stablecoin, which seemed inevitable after Silvergate bought those assets from Meta's Diem.

What we're watching: Any interested parties actually wanting to buy that.

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