Crypto stocks fall as Silvergate crisis deepens

Shares of cryptocurrency-related companies fell in premarket trading on Monday after Silvergate Capital Corp pulled the plug on its crypto payments network, following its doubts about keeping its business viable.

The digital assets-focused bank said late on Friday that effective immediately it had made a “risk-based decision” to discontinue the Silvergate Exchange Network (SEN).

Shares of the La Jolla, California-based bank were down more than 4% in premarket trading, while crypto lending peer Signature Bank fell 3%. Crypto exchange Coinbase Global and BTC mining machine maker Ebang International were both down about 1% each.