Silicon Valley Bank plunges 60% before halt, Signature trading stopped shortly after open

Trading in Silicon Valley Bank is halted for pending news, but not before after shares plunged 63% in pre-market trading. Signature Bank was halted for volatility after plunging 25% at the open.

Silicon Valley Bank was trading around $39.22 by 8:35 a.m. EST, down 63% from the close, according to TradingView data.  

The tumult for the regional banks woes come just days after crypto-friendly bank Silvergate announced plans to wind down operations. Signature Bank had been seen as a potential alternative to Silvergate for crypto companies.

Fears of further Fed interest rate hikes have driven markets lower throughout the week. Hotter-than-expected jobs data today has worsened sentiment. The U.S. added 311,000 jobs in February, above consensus estimates of around 225,000.