Bitcoin, ether slip with crypto stocks all lower; Silvergate drops 8%
Quick Take
- Bitcoin slipped about 1.5% to trade below $22,800.
- Ether and altcoins also traded lower.
- Crypto stocks began the week in the red, with Silvergate plunging 8%.
Cryptocurrency prices slid at the beginning of the week, with equities also opening down.
Bitcoin was trading at $22,776 at 10:20 a.m. EST, down 1.5% over the past day, according to TradingView data. Crypto prices have fallen over the past week, sliding on Friday following a bumper U.S. jobs report.
"Ultimately, it has been another sideways week with the Fed offering hope to bulls by noting that the disinflationary process was well underway, but then a bumper U.S. payrolls report forced markets to question the plausibility of only 'one more rate hike' this cycle," B2C2's Adam Farthing said, before noting there is little in the way of data this week with all eyes on next week's January inflation figures.
Ether fell 1.5%, down to $1,628. Binance's BNB dropped 0.4%, Ripple's XRP lost 1.5%, and Solana's SOL shed over 2%.
The U.S. dollar has risen over the past week, evidenced by the improved performance of the U.S. Dollar Index which reached its highest point since early January.
RELATED INDICES
Bitcoin's price in dollars tends to move lower when the dollar strengthens.
Crypto stocks and structured products
The Nasdaq 100 fell around 1.1%, while the S&P 500 dropped 0.9%.
Coinbase shares shed 4.6% to trade around $71 by 10:30 a.m. EST, according to Nasdaq data.
Silvergate was down about 8% to just under $18.
Block fell about 3% to trade below $82, while MicroStrategy dropped over 3% to $275.
Grayscale's bitcoin trust, GBTC, saw its discount widen at the tail end of last week, having shortened to about 40% on Thursday. Shares in the fund closed the week at a discount of about 42% to the value of the bitcoin in the fund, according to The Block data.
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