Bitcoin trading around $22,400 as crypto prices pullback with equities in the red
Quick Take
- Bitcoin was trading around $22,400, down 1.5%. Ether’s pullback was more pronounced, slipping 4.2% to around $1,500.
- Altcoins traded down across the board as January’s crypto market rally slowed.
- Crypto stocks were in the red, with Coinbase and Block leading the decline.
Cryptocurrency prices began to pullback overnight, with ether leading the drop. Equities were in the red during the early session, with Block and Silvergate declining.
Bitcoin was trading at $22,390 by 10:10 a.m. EST, down about 1.6% over the past 24 hours, according to TradingView data.
Ether slipped below $1,600 as it fell over 4.5%. Cardano's ADA dropped 4.8%, and Polygon's MATIC was down 4.6%.
Dog-themed memecoins experienced a sharp sell-off with Dogecoin and shiba inu down 5.1% and 6.2%, respectively.
The pullback in crypto prices tracks a downtrend in equities, with the correlation between bitcoin and equities on the rise since the middle of December. Bitcoin's correlation to the Nasdaq composite is currently at 0.66, according to The Block data.
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The last time correlations were this high was before the FTX collapse.
Crypto stocks
Silvergate shed 4.6% to around $13 by 10:10 a.m., according to Nasdaq data. The crypto-friendly bank soared at the top of the week, but today's losses mean it has retraced most of those gains.
Coinbase slipped 6.4% to $50, and Jack Dorsey's Block fell about 5.9% to $76. MicroStrategy was down 4.5% shortly after the opening bell.
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