<p>Cryptocurrency prices nosedived overnight on the back of increased regulatory scrutiny. Coinbase and Silvergate extended losses in the early session. </p> <p>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 <a href="https://www.theblock.co/post/210408/secs-targeting-of-kraken-staking-program-sends-shockwaves-through-industry">news</a> broke of the SEC's enforcement action against Kraken's staking protocol. </p> <div id="attachment_210566"class="wp-caption alignnone" style="max-width: 2083px;"><img class="has-caption wp-image-210566 size-full" src="https://www.tbstat.com/wp/uploads/2023/02/BTCUSD_2023-02-10_13-06-53.png" alt="" width="2073" height="1350" /><p class="wp-caption-text"><span style="font-size: 8pt;"><a href="https://www.tradingview.com/chart/xAJYa739/?symbol=COINBASE%3ABTCUSD">BTCUSD chart by TradingView</a></span></p></div> <p>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%. </p> <p>Dog-themed memecoins were also in the red. Dogecoin plunged 7.5% and shiba inu lost more than 8%.</p> <h2>Crypto stocks</h2> <p>Coinbase shares continued to trade lower in the early session, dropping 2.6% by 8:10 a.m. EST, according to Nasdaq data. </p> <div id="attachment_210568"class="wp-caption alignnone" style="max-width: 2083px;"><img class="has-caption wp-image-210568 size-full" src="https://www.tbstat.com/wp/uploads/2023/02/COIN_2023-02-10_13-11-57.png" alt="" width="2073" height="1350" /><p class="wp-caption-text"><a href="https://www.tradingview.com/chart/xAJYa739/?symbol=NASDAQ%3ACOIN"><span style="font-size: 8pt;">COIN chart by TradingView</span></a></p></div> <p>The perceived risk to Coinbase's staking revenue is cause for concern, <a href="https://www.theblock.co/post/210162/coinbase-drops-8-as-ceo-armstrong-calls-out-sec-silvergate-sinks-5">according</a> to analysts. </p> <p>Silvergate's losses were steeper in the early session. Shares in the crypto-friendly bank dropped below $15, down about 5%.</p> <p>Jack Dorsey's Block fell almost 2% to trade at less than $75, while MicroStrategy slipped 1.4% to about $245.50.</p><br /><span class="copyright"><p>© 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.</p> </span>