This week in markets: bitcoin climbs, Coinbase stock shrugs off Moody's downgrade

Quick Take

  • Bitcoin jumped over $23,000 heading into the weekend.
  • Crypto prices generally rose in the past week.

The past week has seen crypto prices continue their upward trajectory, with bitcoin rising 16.8% and jumping over the $23,000 mark going into the weekend.

Bitcoin was trading at $23,262 as of 2 p.m. ET. Meanwhile, ether rose 14.3% to around $1,663.

Cryptocurrencies like Binance's BNB, Polygon's MATIC and XRP also rose by 3.7%, 9.2% and 6.8%, respectively.

FTT jumped up this week on the news that FTX's new CEO was considering restarting the exchange. It was trading at around $2.30.


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Crypto stocks and structured products

Not all crypto stocks had a positive week. Silvergate, which posted $1 billion losses in its fourth quarter, fell 1.7% over the past five days.

Galaxy Digital also slipped by about 4%.

On the other hand, shares of Coinbase rose by 13.3%, even as it was downgraded by Moody's, and MicroStrategy by 13.1%.

For structured products, GBTC surged 18.1% and ETHE rose 19.2%.

© 2023 The Block. 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.

About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).


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