CoinDesk reported:
“Traders don’t want to hold Silvergate Capital this week as fears that any testimony from FTX could be damning,” said Edward Moya, senior market analyst of the Americas at Oanda. “Lawmakers are trying to find out everything that went wrong with FTX and some of that could spill over to Silvergate. Everyone wants to know if and how Silvergate played a pivotal role in the transferring of customer funds from FTX to Alameda. Any companies with ties to FTX will likely come under tremendous scrutiny.”