The S&P 500 bank index was down 4.6% on Thursday as investors grew wary of the entire sector after SVB Financial Group's share sale announcement and crypto bank Silvergate's decision to wind down operations.
"It just gets people freaked out because Silicon Valley, historically has been a very strong, well-run bank.
If they're having issues right now, people are wondering what about other banks that are lesser quality and that don't have the reputation that Silicon Valley Bank has.", which said earlier this month it was evaluating its ability to operate as a going concern.operations and voluntarily liquidate after it was hit with losses following the collapse of crypto exchange FTX.
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