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

RELATED INDICES

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.


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About Author

Adam Morgan is a reporter covering cryptocurrency, financial markets, and economics – anything from price movements, earnings reports, and inflation to the U.S. Federal Reserve interest rate decisions and everything in between. Adam is based in London.

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