Why Silvergate Capital Stock Gained 10% on Wednesday
Shares of Silvergate Capital (NYSE: SI) had gained 10.1% as of 3:05 p.m. ET on heavy trading volume. The jump was a welcome respite from Silvergate's plunging price trend in recent weeks, as the crypto-friendly bank was hit by fallout from the FXT crypto exchange's financial meltdown. FTX-related concerns drove Silvergate's stock 26% lower between Nov. 7 and Tuesday's closing bell.