Why Shares of Silvergate Capital Are Falling Today
Shares of the crypto bank Silvergate Capital (NYSE: SI) are trading about 7% down as of 11 a.m. EST after receiving some negative sentiment from an analyst.
Wedbush analyst David Chaverini recently issued a research note that said he is taking Silvergate Capital off of Wedbush's best ideas list. Chaverini cited the fact that there is close to 100% probability that that U.S. will adopt a central bank digital currency, which could reduce the market for Meta Platforms' U.S. dollar-backed stablecoin Diem, of which Silvergate is the exclusive issuer.
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Source Fool.com
