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Why Silvergate Capital Finished Lower on Wednesday

TheMotleyFool

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Why Silvergate Capital Finished Lower on Wednesday: https://g.foolcdn.com/editorial/images/690026/business-person-in-an-office-looking-off.jpg

Silvergate Capital (NYSE: SI) had a volatile day on Wednesday as its share price dropped 5% in early trading to $57.75, only to roar back to $61.65 at around 11:14 a.m. ET. It sank a bit from there and ended the day down 1.19% at $59.56.

Silvergate, a leading bank for the cryptocurrency industry, got hit by the latest Consumer Price Index (CPI) report on inflation and an analyst downgrade.

The CPI report for June came on Wednesday and it was more bad news, as the leading indicator of inflation rose 9.1% year over year, higher than the anticipated 8.8% gain. That is the highest year-over-year gain since November 1981. For June alone, inflation jumped 1.3%, higher than the expected 1.1% gain.

Source Fool.com

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