Bitcoin, crypto prices perk up with stocks rallying as Coinbase jumps 3%

Quick Take

  • Bitcoin was changing hands for $16,901 on Thursday; ether was up 1.4% to $1,248.
  • Equities were buoyant on Thursday as the S&P 500 looks to reverse five days in the red. 
  • Grayscale’s GBTC product hit a new all-time low discount to NAV of 47%.

Crypto prices were trading higher on Thursday, while stocks bucked the week's downtrend with Coinbase leading the charge.

Bitcoin rose 0.3% over the past 24 hours, trading at $16,901 at 10 a.m. EST, according to TradingView data. Ether was up 1.4% to $1,248.

Binance's BNB added 1.3%, Ripple's XRP tacked on 1.6%, and Polygon's MATIC gained 1.3%. Elsewhere, dogecoin was up 0.8%, and Polkadot's DOT dropped 0.3%. 

The U.S. Dollar Index fell below 105 in trading at 10:30 a.m. EST. Bitcoin typically strengthens when the U.S. dollar weakens.

Crypto stocks, structured products


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U.S. stock indices traded higher, with the S&P 500 rising 0.7% and the Nasdaq 100 jumping 0.9% by 10:30 a.m. EST. 

Coinbase rose 3.3% on Thursday, trading above $42.64. Shares in the crypto exchange had been in danger of testing fresh all-time lows, with the previous floor of $41.23 seen on Nov. 21.
Silvergate was trading higher today, up 3.3% to $22.81 as the move lifted the crypto bank off two-year lows. MicroStrategy shares rose by 1.4% to trade at $196.21. Shares of Block were trading up 3.4% to $63.17.
Elsewhere, Grayscale's GBTC discount to NAV hit an all-time low of 47% yesterday.

© 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.


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