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.
RELATED INDICES
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.
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