Ether below $1,600, Silvergate down on dividend deferral, Coinbase pops 10%

Quick Take

  • Bitcoin continues to flirt with $23,000, up 0.5% in the past day.
  • Ether slipped 0.3% to trade around $1,580.
  • Silvergate plunged after suspending a preferred stock dividend. Shares were down 8.7% by 11:50 a.m. EST.

Crypto prices remain relatively steady, with most of the major coins flat or marginally higher. Silvergate sank after suspending a preferred dividend.

Bitcoin was trading at $23,000  by 11:50 a.m. EST, up 0.5% over the past day, according to TradingView data. The leading cryptocurrency by market cap has been trading within this range throughout the week.

Ether was down 0.3% to $1,588 in the same period, and Solana's SOL dropped 0.6%. Meanwhile, Polygon's MATIC surged as transactions on the network soared. Daily active users on Polygon rose over 8% in the past 7 days, according to Token Terminal.

Dog-themed meme coin floki inu soared in price following a community proposal that would burn $55 million worth of its tokens. The token jumped up 18% by 11:10 a.m. EST.

Crypto stocks

Silvergate dropped in early trading following an announcement that it would suspend payment on its 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A. Analysts at KBW, led by Michael Perito, said they were surprised by the announcement.

Shares in the crypto-friendly bank were down 8.7% by 11:50 a.m. EST, according to Nasdaq data. 

Coinbase shot up 10% to trade over $58, while Jack Dorsey's Block jumped 3.4% to trade at $84.10. MicroStrategy added about 1.4% to trade above $248.

© 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.