BNB, ether and bitcoin slid with traditional markets after U.S. economic data showed signs of an economy starting to take a breather.
Retail sales fell more than expected, tripping up what had been an improving market.
Bitcoin was trading at around $20,800 at 4:15 p.m. EST, according to TradingView data.
Ether was down 1.4%. Binance's BNB fell 1.3%. Binance traded lower earlier in the day after the market reacted — erroneously — to an announcement of a pending enforcement action from the U.S. Department of Justice. That action was actually against a little known outfit named Bitzlato.
U.S. stock indices ended the day down. The S&P 500 and the Nasdaq 100 dropped 1.6% and 1.2%, respectively.
Coinbase, which is shuttering operations in Japan, dropped by 7.3%, according to Nasdaq data. Despite the down day, the exchange has rallied since the beginning of the year.
Silvergate dropped 8.4%. The crypto-friendly bank disclosed a $1 billion loss on Tuesday as it shared fourth-quarter results. Shares rallied despite the fact as the core business is intact, according to KBW analysts.
MicroStrategy shares decreased 6.2%. The firm, which is expected to report fourth-quarter earnings this month, announced that its Brazilian unit is facing an investigation into anticompetitive conduct in the country dating back to 2018, but that it secured a leniency agreement with the country's General Superintendence of the Administrative Council for Economic Defense.
© 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.