Coinbase slips 7%, Silvergate sinks over 4% as equities have another down day

Quick Take

  • Bitcoin continued to trade around $17,000, while ether edged above $1,200.
  • Equities got pummeled and crypto stocks failed to escape the drop with Coinbase and Silvergate slipping 8% and 5%, respectively.

Bitcoin and ether were little changed amid a plunge in equities.

Bitcoin was trading just below $17,000, up about 0.2% by 4:00 p.m. EST, according to TradingView data. The leading cryptocurrency by market cap was at $16,993, while ether traded down 0.3% at $1,259.

Binance's BNB was up 0.6% over the past day, Ripple's XRP gained 0.9%, and Polygon's MATIC lifted 0.2%. 

The U.S. Dollar Index rose to 105.575 at 4:00 p.m. EST, up from 105.1 before the market opened today. 

Crypto stocks and structured products 

The S&P 500 dropped 1.4%, while the Nasdaq 100 slipped 2%.

Coinbase slumped 7.8%, according to Nasdaq data. Shares of the exchange were trading at $42.38 at the close. 

Silvergate closed down 4.6% to $23.13 — narrowly avoiding two-year lows.

Block shed 2.9% to $61.33, while MicroStrategy bucked the dip to add 0.2%. Meta sank 6.8% today following a report of EU concerns over targeted advertising in the bloc. 

Grayscale's two main products — GBTC and ETHE — are trading at ever-widening discounts to net asset value (NAV). GBTC's discount widened to 43.06%, while ETHE's reached another all-time low of 46.45%. 

 

Fir Tree Capital said it is suing Grayscale for information to investigate potential mismanagement and conflicts of interest, Bloomberg reported, citing Delaware court documents. 

Fir Tree is aiming to use the information to push Grayscale to address the considerable discount it trades at relative to the bitcoin it holds by lowering fees and resuming redemptions, Bloomberg cited sources as saying. The complaint alleges Grayscale has harmed investors through "shareholder-unfriendly actions."


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