According to CNBC, JPMorgan Chase downgraded its rating on crypto-friendly bank Silvergate from “overweight” to “neutral” and lowered its target price from $30 to $14. JPMorgan thinks Silvergate's huge drawdown could hurt the company's stock long-term. The Wall Street Journal previously reported that crypto-friendly bank Silvergate had processed $8.1 billion in withdrawals following the FTX crash. Silvergate disclosed in its performance quarterly report that cryptocurrency-related deposits plummeted by 68% in the fourth quarter. In order to meet withdrawal needs, Silvergate liquidated debt held on its balance sheet and suffered huge discount losses.