Coinbase Global traded lower by over 12 %, whereas Silvergate Capital traded low by roughly 10%.
Furthermore, when the CEO of JP Morgan Chase, Jamie Dimon, highlighted that they are bracing themselves and that the hurricane is right there, down the road, and coming their way.
And the recent crash of the Terra ecosystem with its algorithmic stablecoin TerraUSD lost its peg, and the sister token LUNA slumped to zero, came as a shock to the community.
The whole discussion that critics have about the digital asset market is because of this factor, among several others.