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

Markets • December 8, 2022, 11:15AM EST

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.

BTCUSD chart by TradingView

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.

DXY chart by TradingView

Crypto stocks, structured products

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.

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.