Claim BonusBreaking: Silicon Valley Bank Crashes 67% Pre-Market Amid Silvergate, Crypto Woes
SVB Financial Group, the parent firm of Silicon Valley Bank, shares plunged over 67% in pre-market hours as venture capitalists, including crypto VCs, recommend portfolio companies to move capital out of the bank.
The stock price of SVB Financial Group (SIVB) is trading near $35 in pre-market hours. The SIVB price fell 60% to $106.04 on Thursday from $265 on Wednesday. The price has fallen over 80% in the last few days.
The tensions related to crypto-friendly Silvergate Bank, the U.S. Federal Reserve’s continuous rate hikes, and bond yields caused major issues for the bank. The bank earlier announced issuing $2.25 billion of shares to help recover from significant loss on its investment portfolio.
It led VC firms to ask companies to pullout money from the lender amid a bleak outlook. The VCs are already facing losses amid the Silvergate Bank debacle and the U.S. SEC-led crypto regulatory crackdown termed “Operation Choke Point 2.0” by the crypto market. The VCs include Peter Thiel’s Founders Fund, Coatue Management, Union Square Ventures, Founder Collective, Cannan, Tribe Capital, and others.
The U.S. regulators’ aggressive campaign to break ties between the banks and the crypto market has led to a systemic impact in the global banking sector. In fact, crypto-friendly Signature Bank shares price is also falling hard, with a 12% fall to $90.76 on Thursday. Signature shares are trading 6% down in pre-market hours.
Bitcoin and Ethereum Prices Fell Before U.S. Jobs Data
Bitcoin and Ethereum prices have also fallen months low amid fears of a 50 bps rate hike and the Silvergate Bank debacle. In the last 24 hours, the crypto market saw total liquidation of $307.58 million, with almost $250 million in longs liquidated.
The traders are now awaiting the U.S. Bureau of Labor Statistics to release the crucial nonfarm payrolls and unemployment rate data for the month of February today. According to market consensus, nonfarm payrolls likely increased by 205K jobs and the unemployment rate fell to 3.4% in February.
Also Read: Can Bitcoin Price Crash To Sub-$15K And Ethereum $1K?
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