Coinbase, Silvergate rise in pre-market trading, GBTC lifts off fresh lows

Quick Take

  • Bitcoin was trading down at $16,000, while ether shed 1.9% to $1,121.
  • Grayscale bounced off its all-time low, while crypto-related stocks were higher in pre-market trading. 

Most major cryptocurrencies were lower on Tuesday morning, but some altcoins bucked the downward trend. 

Bitcoin was down 0.9% over the past 24 hours, trading at $16,003. Meanwhile, ether dropped 1.9% as it traded at $1,121. 

Binance's BNB gained 0.4% over the last day. ADA, DOGE, AND DOT all fell, dropping 0.5%, 0.5%, and 1.1%, respectively. Curve DAO's token CRV plunged, dipping up to 14% to 43 cents at one point thanks to pressure from a short seller. The price has since recovered; CRV was trading at 62 cents at 8:30 a.m. ET. 

Polygon's MATIC and Ripple's XRP bucked the downtrend, adding 4.8% and 4%, respectively. 

Grayscale's GBTC discount was up from its latest all-time low of 45.2%. The bitcoin trust has been reaching new lows intermittently over the past two weeks as sentiment in crypto markets worsens. 

The firm's sister company Genesis is facing increasing liquidity issues and there are reports that it may face a possible bankruptcy, adding to the downward pressure.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

This his hasn't dissuaded all investors. Ark Invest added over $1.4 million worth of GBTC shares on Monday, adding to the more than $5.4 million purchased last week.

Crypto stocks

Crypto-related stocks rebounded in pre-market trading. 

Block was up 0.44%, according to Nasdaq data via TradingView. Coinbase gained 3.7% to trade around $43, following yesterday's sell-off when shares hit an all-time low under $42. 

Shares in crypto bank Silvergate also perked up, adding 3% to trade at $25. Crypto prime broker FalconX said it would resume using the Silvergate payments network today.

Michael Saylor's MicroStrategy added 2.23% to trade back above $160.

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Adam Morgan is a reporter covering cryptocurrency, financial markets, and economics – anything from price movements, earnings reports, and inflation to the U.S. Federal Reserve interest rate decisions and everything in between. Adam is based in London.


To contact the editors of this story:
Christiana Loureiro at
[email protected]
Larry DiTore at
[email protected]