Bitcoin, crypto prices slip; Coinbase extends losses as regulatory fears spook market

Quick Take

  • Bitcoin was trading at about $21,770, down 4.2% in the past day. 
  • Ether and altcoins slipped even further, with the former shedding 6.2%.
  • Coinbase and Silvergate extended losses in pre-market.

Cryptocurrency prices nosedived overnight on the back of increased regulatory scrutiny. Coinbase and Silvergate extended losses in the early session. 

Bitcoin was trading at $21,770, down 4.2% over the past 24 hours, according to TradingView data. Most of its losses occurred around 3 p.m. EST as news broke of the SEC's enforcement action against Kraken's staking protocol. 

Ether experienced a more exaggerated sell-off, dropping 6.2% to about $1,530. Binance's BNB fell 4.4%, Cardano's ADA shed 6.7% and Polygon's MATIC was down 5%. 

Dog-themed memecoins were also in the red. Dogecoin plunged 7.5% and shiba inu lost more than 8%.

Crypto stocks

Coinbase shares continued to trade lower in the early session, dropping 2.6% by 8:10 a.m. EST, according to Nasdaq data. 

The perceived risk to Coinbase's staking revenue is cause for concern, according to analysts. 

Silvergate's losses were steeper in the early session. Shares in the crypto-friendly bank dropped below $15, down about 5%.

Jack Dorsey's Block fell almost 2% to trade at less than $75, while MicroStrategy slipped 1.4% to about $245.50.

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