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.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.