Bitcoin continues flirt with $19,000 as crypto prices stay the course

Quick Take

  • Bitcoin continues to trade just below $19,000, having surged yesterday following U.S. inflation reports.
  • The global crypto market cap hit $946 billion, its highest point since early November.
  • Crypto-related stocks were mixed in pre-market. 

Bitcoin and ether held onto two-month highs overnight as the global crypto market cap reached its highest point since the collapse of FTX. 

Bitcoin was trading at $18,877 at 8:30 a.m. EST, up 3.6% over the past 24 hours, according to TradingView data. 

Ether continues to trade above $1,400, little changed since yesterday's inflation report. Binance's BNB added 1% in that time, while Ripple's XRP and Cardano's ADA tacked on 1.9% and 3.3%, respectively. 

The recent rally buoyed the global crypto market cap as it reached $946 billion from $851 billion last week, the highest level since Nov. 9. according to The Block data.

Crypto stocks and structured products

Coinbase fell 3.7% at 8:40 a.m. EST in pre-market trading, according to Nasdaq data. Shares in the exchange are up over 30% this week following the announcement of additional job cuts. Cathie Wood's Ark Invest has purchased over $7 million worth of COIN this week. 

Silvergate jumped 3.5% in the early session, trading above $14. The crypto-friendly bank will release its fourth-quarter earnings next week. The La Jolla-based firm already shared preliminary financial results last week and said it was cutting 40% of its workforce.

MicroStrategy was lower in pre-market trading. Block dropped 2% to trade around $70.

Shares in GBTC also hit a two-month high this week as they rose past $10 yesterday. The fund's discount to net asset value (NAV) widened to 39.7%, according to The Block data.

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