Bitcoin, crypto prices slip; Coinbase extends losses as regulatory fears spook market

Cryptocurrency prices nosedived overnight on the back of increased regulatory scrutiny. Coinbase and Silvergate extended losses in the early session. 

Bitcoin was trading at $21,770, down 4.2% over the past 24 hours, according to TradingView data. Most of its losses occurred around 3 p.m. EST as news broke of the SEC's enforcement action against Kraken's staking protocol. 

Ether experienced a more exaggerated sell-off, dropping 6.2% to about $1,530. Binance's BNB fell 4.4%, Cardano's ADA shed 6.7% and Polygon's MATIC was down 5%. 

Dog-themed memecoins were also in the red. Dogecoin plunged 7.5% and shiba inu lost more than 8%.

Crypto stocks

Coinbase shares continued to trade lower in the early session, dropping 2.6% by 8:10 a.m. EST, according to Nasdaq data. 

The perceived risk to Coinbase's staking revenue is cause for concern, according to analysts. 

Silvergate's losses were steeper in the early session. Shares in the crypto-friendly bank dropped below $15, down about 5%.

Jack Dorsey's Block fell almost 2% to trade at less than $75, while MicroStrategy slipped 1.4% to about $245.50.