Binance, ether, bitcoin all lower as US economy slows

Quick Take

  • Bitcoin was trading at around $20,800, down 1%, and ether dropped 1.4%.
  • Crypto stocks closed in the red.

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.

Crypto stocks

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.

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