This week in markets: Bitcoin, crypto prices inch higher as Silvergate woes worsen

Quick Take

  • Bitcoin was trading at about $16,900 on Saturday, up 2% over the past week. 
  • It was a blood bath for Silvergate and Coinbase, while Block and MicroStrategy traded higher. 

Crypto prices rose over the past week as equities fell on a plethora of negative news.

Bitcoin was changing hands for $16,910 at 7:30 a.m. EST, according to data via TradingView. The leading cryptocurrency by market cap was up 1.9% over the past seven days.

Crypto Heatmap chart by TradingView

Ether jumped 5.3% in the same period, while altcoins had even more pronounced gains. Binance's BNB rose 6%, Cardano's ADA soared 11.3% and Polygon's MATIC was up about 5.5%. 

Dogecoin was up 5.3% and shiba inu rose 4.5% as dog-themed memecoins recovered from last week's drop. 

Crypto stocks and structured products


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U.S. stock indices were down marginally throughout the week; the S&P 500 slipped 0.01% and the Nasdaq 100 was down 0.02%. 

Silvergate tanked as the firm released preliminary Q4 financials that showed $8.1 billion in withdrawals. The crypto-friendly bank also announced plans to lay off about 40% of its staff. JPMorgan downgraded the stock to neutral from overweight. Bank of America downgraded it to underperform and cut its earnings per share estimates by 90%. 

Coinbase dropped 9% over the week, despite receiving a bump on Wednesday following a settlement with the New York Department of Financial Services. Cowen downgraded COIN on Thursday, with analysts citing dwindling trading volumes — although others argued that the market had already digested lower volumes.  

MicroStrategy jumped 10% to start the new year, paring last week's losses. Block traded up 4%, changing hands for about $69. 

© 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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