The week in markets: Bitcoin dips while dogecoin drops 10% and MicroStrategy stock falls

Quick Take

  • Bitcoin was trading at around $16,550 on Sunday, down 1.78% over the past week. 
  • Other cryptocurrencies experienced sharper sell-offs and dogecoin plunged more than 10%.
  • Stock markets will be closed in the U.S. on Monday. 

Crypto prices fell over the past week as dogecoin led the losses. Crypto stocks traded higher for the most part, while MicroStrategy declined. 

Bitcoin was changing hands for $16,550 at 10 a.m. EST on Sunday, according to data via TradingView. The leading cryptocurrency by market cap was down about 1.8% over the past seven days. Ether dropped 2.1% in the same period. 

Altcoins fell even more than bitcoin and ether throughout the week. Ripple's XRP slipped 4%  and dog-themed memecoins had a rough week. Dogecoin plunged more than 10%, shiba inu dropped 3% and dogelon mars fell about 5%. 

Crypto stocks 

Nasdaq dipped 0.26%, while the S&P 500 shed 0.64%. 

Coinbase rose 1.8% over the week, according to Nasdaq data. Shares in the crypto exchange reached an all-time low of $31.86 during the week, paring losses ahead of the weekend. 

Block was trading at $62.84 at the close on Friday, up 4.95% over the previous week. Shares in crypto bank Silvergate rose more than 4% to trade at $17.40. 

Michael Saylor's MicroStrategy was in the red, dropping about 14.5% to trade around $141. It was revealed this week that the firm sold bitcoin for the first time, almost $12 million worth. The firm noted that the sale was made for tax benefits.

Markets are closed in the U.S. on Monday to mark the new year; trading resumes on Tuesday.

© 2023 The Block Crypto, Inc. 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.