Bitcoin, mining stocks rise while Silvergate shares soar

Quick Take

  • Bitcoin was trading around $23,000, up about 0.5% from the day before.
  • Crypto stocks traded higher throughout today’s session, and Silvergate tacked on almost 17%.

Crypto prices were in the green as the market continued to rally on Monday. Equities related to blockchain and cryptocurrencies were also higher.

Bitcoin traded up about 0.5% during the day, flirting with the $23,000 barrier, according to TradingView data. Ether rose marginally, trading at $1,635. 

As bitcoin prices continue to increase, $25,000 is the next crucial resistance level for the leading crypto by market cap, said B2C2's Chief Risk Officer Adam Farthing.

The rally coincided with a depreciation of the U.S. dollar. The DXY has traded down year-to-date to 102.05 from highs above 114 last year. Bitcoin's price in dollars tends to move higher when the dollar weakens.

Crypto stocks

Silvergate closed up 16.8%, trading around $16 at 4 p.m. EST, according to Nasdaq data. Shares in the crypto-friendly bank had soared 11% by 11:30 a.m. EST. 

Coinbase shares increased by 1.5%. On Friday, Moody's downgraded the exchange's corporate family rating and guaranteed senior unsecured notes. Moody's stated that the firm's corporate outlook was stable.

MicroStrategy traded up 4.2%, climbing to $250.22. Jack Dorsey's Block also rose, climbing 7.2% by market close.

Bitcoin mining stocks tracked by The Block mostly increased on Monday, with 18 gaining and only one declining. SAI.TECH Global rose by 29%, while Core Scientific gained 26.7%.

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