Bitcoin stays above $21,000; Silvergate, Coinbase pare earlier gains

Quick Take

  • Bitcoin was trading around $21,300, up about 2%. Ether gained 3%.
  • Crypto-related stocks soared at the open before paring gains. 

Silvergate and Coinbase popped at the open after the crypto-friendly bank reported earnings as traditional markets were mixed.

Bitcoin was trading at $21,300 at 10 a.m. EST, up 2.3% over the past 24 hours, according to TradingView data.

Ether is flirting with $1,400, as it jumped 3% over the past day. Binance's BNB rose 2.2%, Ripple's XRP gained 1%, and Cardano's ADA added 2.3%.

Shiba Inu continues to climb higher, up 3.2% since yesterday. The dog-themed memecoin gained momentum on the news of its Layer 2, Shibarium.

Crypto stocks

Silvergate Capital shares rallied despite the firm's $1 billion fourth-quarter loss as the business is intact, according to KBW analysts.

Shares in the bank jumped over 25% at one point shortly after the open. Silvergate pulled back by 10 a.m. EST, trading around $15.30, up 16%, according to Nasdaq data. 

Coinbase also popped early on in the session before surrendering some gains. Shares in the exchange were trading up 3.3% to about $51.50.

MicroStrategy gained 4.8%, while Block gained 1.8%.

Signature Bank published fourth-quarter earnings with shares gaining 3% to $122. CEO Joseph DePaolo referred to digital assets as "the elephant in the room" during the firm's earnings call, noting the bank will reduce deposits to a range of about $3 billion to $5 billion. Digital asset deposits currently account for about 20% of the firm's $89 billion deposits.


© 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.