Bitcoin, ether dip as crypto stocks trade higher

Quick Take

  • Bitcoin was trading around $16,700, down 1%. 
  • Crypto-related stocks were trending higher, with MicroStrategy down marginally. 

Crypto prices dipped after a week of relatively flat trading, while crypto-related stocks traded higher with Coinbase adding 2%.

Bitcoin traded at around $16,700 at 9:30 a.m. ET, dropping about 1% over the past 24 hours, according to TradingView data.  

Ether shed 1% to trade at $1,200, and altcoins sold off more sharply. Ripple's XRP was down 1.4% in the past day, while Cardano's ADA dropped 2.6%. 

Dog-themed memecoins were down as well. Dogecoin dropped 3.4%, and shiba inu slipped 2.6%.

Crypto stocks

U.S. stock indices were trading higher shortly after the market opening. The S&P 500 and Nasdaq 100 rose 0.4% and 0.6%.

Coinbase gained 0.8% to trade above $32.90. The company's shares fell 8% to an all-time low of $32.65 yesterday.

Silvergate shares recovered some recent losses, rising almost 1.4% to trade around $16.

Block shares were trading around $60, down 0.7%.

MicroStrategy dipped almost 0.2% to $148. Michael Saylor's firm sold bitcoin for the first time on Dec. 22, according to a Wednesday Form 8-K filing. The company sold 704 bitcoin worth $11.8 million at the time of sale, according to the filing. 

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