How Silvergate Capital Shares Skyrocketed 74% Higher In July
Shares of Silvergate Capital (SI -0.25%) gained 74.3% in July 2022, according to data from S&P Global Market Intelligence. The regional bank, which became a leading provider of capital and banking services for cryptocurrency exchanges, enjoyed a modest rebound in crypto prices. Still, the main lift resulted from Silvergate's stellar second-quarter report.
First things first. Bitcoin (BTC 0.59%) prices increased by 17.6% in July while Ethereum (ETH 1.74%) posted a gain of 54.4%. These gains provided a welcome respite from the collapsing crypto prices of the spring. The upcoming Ethereum merge played a major part in these crypto-price rebounds, and digital currency traders are starting to …
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