Crypto market continues to rise, while Silvergate shares seesaw after probe report

Quick Take

  • Bitcoin jumped mid-day to $24,100, only to fall back down to $23,500 around 5:20 p.m EST.
  • Silvergate dived 21% in post-market trading after a report that the company was facing a fraud probe. It had risen as much as 38% in normal trading hours after fund manager State Street disclosed a 9.3% stake in the crypto friendly bank.

Bitcoin settled around $23,570 at 5:20 p.m. EST after climbing as high as $24,100 earlier in the day, according to TradingView data. It's up about 0.4% over the past day following the Federal Reserve's interest rate decision.

Ether swung throughout the day, rising to a high of $1,710 around 1:30 p.m EST only to fall to $1,660 toward market close.

Polygon's MATIC rose 4.3% over the last 24 hours, and Avalanche's AVAX was up 8%. Uniswap's UNI was up 6%, and BNB was also up 3.3%.

The rising tide began on Wednesday following the Federal Reserve’s decision to raise interest rates by 25 basis points. Because the FOMC decision was "incrementally dovish," it has partially validated the thesis, among some speculators, that "bitcoin has bottomed," FRNT Financial CEO Stephen Ouellette said.

Crypto stocks and structured products


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Crypto-related stocks were up significantly today, trading in tandem with the broader crypto market.

Crypto-friendly bank Silvergate Capital shares had a wild day, rising as much as 38% after a filing revealed that the asset manager State Street had increased its stake in the company to 9.3%. Shares then declined 21% in post-market trading after Bloomberg News reported that the company was facing a probe in the U.S.

Coinbase rose significantly today, increasing 23.9% at market close. The spike was driven by the news yesterday that a class-action lawsuit filed against the company in 2021 by the U.S. District Court for the Southern District was dismissed.

The proposed suit alleged that Coinbase facilitated the sale of unregistered securities. In dismissing the case, the judge didn't actually determine whether those digital assets were securities, but decided that Coinbase didn’t actively solicit investments through its marketing materials.

MicroStrategy rose about 9% in regular trading before falling 3% in post-market hours after the company reported results. Jack Dorsey's Block rose 5.3%.

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

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