Bitcoin blasts through $17,000 amid wider market rally

Equities • January 9, 2023, 10:08AM EST
UPDATED: January 9, 2023, 10:18AM EST
The Block

Quick Take

  • Cryptocurrencies and traditional markets rose, continuing Friday’s optimism.
  • Silvergate was among the few losers.

Bitcoin blasted past $17,000 amid a wider market rally that sent crypto-related stocks and traditional markets higher. 

The biggest cryptocurrency increased 1.8% in the past 24 hours to  $17,260. Ether was up 4.7% to $1,324 at 9:45 ET, according to TradingView.

BTC/USD chart from TradingView

The S&P 500 rose 0.5%, and the Nasdaq 100 was up 0.9% following the market open. 

Coinbase jumped nearly 8%, and Galaxy Digital rose almost 7%.

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Coinbase chart from Trading View

Silvergate missed the rally, dropping by more than 3%. The firm last week 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, while Bank of America downgraded it to underperform and cut its earnings per share estimates by 90%.

 


© 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

Christiana is a long-time journalist who has written about markets in the Americas, politicians who stashed cash in their underwear and high-end heels, to name just a few. She previously spent six years at Bloomberg, and her work has appeared in the WSJ, LA Times, Insider, Vogue Business and more. Christiana has a bachelor's degree in English from Pace University and a master's degree in journalism from New York University. She completed a master's degree in media psychology for fun.

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