Bitcoin dips under $17,000, Block and Coinbase see mixed fortunes and Silvergate sinks

Quick Take

  • Bitcoin traded below $17,000 on Thursday, clinging levels above this for just under 24 hours. 
  • Block was traded higher today, up 2% to within close range of $70.
  • Shares in crypto bank Silvergate were less buoyant today, dropping over 7%. 

Crypto prices traded down on Thursday as bitcoin flipped either side of $17,000 just 24 hours after reaching a two-week high.

Meanwhile, crypto stocks traded in a wide range during the day's session, led by declines for Silvergate.

Bitcoin failed to hold on above $17,000 for 24 hours, trading at $16,866 at 4:00 p.m. EST, falling 1.1% from yesterday. The leading cryptocurrency by market cap rose after a speech by U.S. Federal Reserve Chair Jerome Powell on Wednesday. 

Ether was trading at $1,275, down 1.8% over the past 24 hours. Binance's BNB experienced a sharper sell-off in that time, dropping by 3.1%. 

Crypto stocks and structured products

U.S. indices saw mixed fortunes on Thursday, with the S&P 500 closing down 0.09% and the Nasdaq 100 rising 0.1%.

Shares in crypto bank Silvergate fell sharply today, shedding over 7.8% to $25.27. The bank has been linked to BlockFi and FTX and revealed some exposure to both firms. 

Coinbase shares dropped 0.9% on Thursday, changing hands for around $45.32, according to Nasdaq data.

Michael Saylor's MicroStrategy briefly traded above $200 today, for the first time since Nov. 9, before surrendering those gains. Shares in the company were trading at $198.94 at 4:00 p.m. EST. 

Jack Dorsey's Block performed slightly better than its peers, gaining over 2% to trade at $69.15. 

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