How Silvergate Capital Shares Skyrocketed 74% Higher In July
Shares of Silvergate Capital (NYSE: SI) gained 74.3% in July 2022, according to data from S&P Global Market Intelligence. The regional bank, which became a leading provider of capital and banking services for cryptocurrency exchanges, enjoyed a modest rebound in crypto prices. Still, the main lift resulted from Silvergate's stellar second-quarter report.
First things first. Bitcoin (CRYPTO: BTC) prices increased by 17.6% in July while Ethereum (CRYPTO: ETH) posted a gain of 54.4%. These gains provided a welcome respite from the collapsing crypto prices of the spring. The upcoming Ethereum merge played a major part in these crypto-price rebounds, and digital currency traders are starting to decouple this market from the stock market. That detachment brought about a strong wave of price increases as the inflationary issues weighing on the global economy suddenly seemed less troubling.
As a significant player in the cryptocurrency industry, Silvergate benefits when business is good for crypto-trading exchanges, Bitcoin miners, and other companies in the sector with significant banking needs.
Source Fool.com
