Crypto stocks sink lower as cryptocurrencies tread water
Quick Take
- Bitcoin was trading at $16,518, while ether was down 1% at $1,194.
- Coinbase, MicroStrategy, Block, and Silvergate continued to trend lower on Thursday.
Crypto prices were treading water on Thursday while stocks led equity market losses.
Bitcoin gained 0.2% to $16,501 over the past day, while ether shed 0.3% to trade at $1197, according to data via CoinGecko. The leading cryptocurrencies by market cap are now up 5% and 10%, respectively, over the past seven days.
BTCUSD chart by TradingView
Other cryptocurrencies fared slightly worse, with ADA and MATIC dipping 1.8% and 2.7%, respectively. Elsewhere, UNI was trading back below $6 as it dropped 3.6%.
Crypto stocks Silvergate, Coinbase sink
Crypto-related stocks continued to trade lower on Thursday. The S&P 500 and the Nasdaq 100 were down 1% and 0.84%, respectively.
Crypto bank Silvergate crashed 11% shortly after the opening today, according to Nasdaq data via TradingView. The bank bucked a downward trend yesterday but failed to carry that momentum into today's session.
SI chart by TradingView
The stock has traded down intermittently throughout the week as potential exposure to FTX, and a downgraded price target — slashed to $40 from $64 — from Goldman Sachs appears to have an impact.
Block shares were down over 3.6% to $67.33, and Coinbase fell 3.6% to $47.07. Shares in the exchange are down almost $5 this week. MicroStrategy fell 1%, trading around $167.
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