Bitcoin slips, struggles to hold $17,000, Binance's BNB slumps even further

Quick Take

  • Bitcoin dropped 2.6% to trade around $17,000 over the past day. 
  • The sell-off in other cryptocurrencies was sharper as Binance’s BNB and Cardano both dropped over 5%. 
  • Crypto-related stocks trended lower in line with U.S. stock indices. 

Cryptocurrencies and crypto-related stocks were down in line with broader financial markets after a busy week of economic data and, of course, the arrest and charging of Sam Bankman-Fried.

Bitcoin flirted with the $17,000 mark, down about 2.6% in the past day, according to TradingView data. Ether sold off more severely, dropping 4.8% to $1,215 by 10 a.m. EST. 

Other cryptocurrencies and memecoins experienced a more significant sell-off. Binance's BNB dropped over 5%, as did Cardano, while Polygon's MATIC fell 3.6%. Dogecoin and shiba inu shed 5.2% and 3%, respectively.

Crypto stocks and structured products

U.S. stock indices were down in early morning trading on the East Coast. The S&P 500 and the Nasdaq 100 shed 0.74% and 0.2%, respectively.

Coinbase shares reached new all-time lows shortly after the market's opening. COIN was trading down 2% to $37.20 by 10 a.m. EST today, according to Nasdaq data. 

MicroStrategy suffered heavier losses, dropping 3.2% to trade at $182. Block fell 2.72% to $64. 

Shares in crypto bank Silvergate performed marginally better, bucking the downward trend for much of the day on Thursday. The La Jolla-based bank's stock was down 0.53% to $18.84 today.

The discount to net asset value (NAV) of Grayscale's GBTC fund narrowed at the week's close. The shares in the fund versus the value of the bitcoin it holds traded at a discount of 47.85% today from above 48%, according to The Block's data. 


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