Why Crypto-Related Stock Silvergate Capital Hit A New 52-Week Low Today

Silvergate Capital Corp SI shares are trading lower by 12.24% to $18.64 going into the close of Tuesday's session amid the testimony of FTX CEO John J. Ray III, which has weighed on companies linked to FTX.

Additionally, JP Morgan analyst Steven Alexopoulos on Tuesday maintained Silvergate Capital with an Overweight and lowered the price target from $50 to $30.

What's Happening?

John Ray, the newly appointed CEO of FTX, said his predecessor Sam Bankman-Fried and his senior coterie had "free rein" over the troubled cryptocurrency exchange and its sister trading entity Alameda Research.

There were no distinctions between FTX, Alameda Research, and other firms which filed for bankruptcy protection last month, Ray said during a congressional hearing before the House Financial Services Committee on the fall of FTX and its effects on the cryptocurrency market...Read More

According to data from Benzinga Pro, SI has a 52-week high of $166.60 and a 52-week low of $18.02.