by Wolf Richter, Wolf Street:

In 16 months from $239 at peak crypto consensual hallucination to $2.76, including the 44% plunge afterhours.

In a tersely worded press release this afternoon, Silvergate Capital, the holding company of crypto bank Silvergate Bank, announced that it would “wind down operations and voluntarily liquidate” Silvergate Bank “in an orderly manner and in accordance with applicable regulatory processes.”