Litecoin (CRYPTO: LTC) and Ethereum Classic (CRYPTO: ETC) are both facing selling pressure and trading lower Thursday afternoon. The broader cryptocurrency market is experiencing marked weakness as Silvergate Capital Corp's planned liquidation has weighed on banks with crypto exposure.

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So What's Going On With Silvergate?

Silvergate shares are plunging and taking crypto down with it Thursday after the company said it will wind down operations and voluntarily liquidate Silvergate Bank. Several top cryptocurrencies are selling off alongside the crypto-linked company.

Silvergate's liquidation plan includes full repayment of all deposits. The company also said it's considering how best to resolve claims and preserve the residual value of its assets.

According to data from Benzinga Pro:

• Litecoin is trading lower by 4.84% to $79.28
• Ethereum Classic is lower by 4.80% to $17.46