Why Silvergate Capital Stock Tumbled Over 5% Today
Shares of cryptocurrency banking outfit Silvergate Capital (NYSE: SI) were down 5.1% today as of 2:45 p.m. ET. It's been a bad day overall for stocks (the S&P 500 was down 1.4%, the Nasdaq Composite down 2.7%), but cryptos in particular were suffering big sell-offs as investors digested comments from the Federal Reserve.
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Specifically, minutes from the Federal Reserve's March 15-16 meeting were released today. Besides a plan to raise interest rates this year, the Fed is planning to gradually reduce the $9 trillion size of its balance sheet. That has markets spooked.
Source Fool.com
