Crypto markets rebound as Silvergate soars 16% on Citadel Securities, Susquehanna stakes
Quick Take
- Bitcoin was trading around $22,200, up 1.8% as ether rose about 3%.
- Silvergate shares soared around 16% after Susquehanna Advisors Group announced a 7.5% stake in the bank, following a 5.5% stake announced by Citadel Securities earlier.
Cryptocurrency prices rebounded after yesterday's decline, when the New York Department of Financial Services announced it will pursue regulatory action against stablecoin provider Paxos.
Bitcoin was up 1.8% over the past day, trading around $22,190 by 3:15 p.m. EST, according to TradingView data. The leading crypto by market cap fell on the news that Paxos was ordered to stop issuing the BUSD stablecoin.
Today, it began to climb, reaching a high around $22,300.
Ether also rose, increasing around 3.3%. Ripple's XRP rose 2% in the past day, Cardano's ADA soared 10%, and Polygon's MATIC jumped 7.2%. Binance's BNB remained below $300, down another 3%.
Crypto stocks
Silvergate shares soared 17% to $17.16 by 3:15 p.m. EST, according to Nasdaq data, following the announcement of multiple investments in the beleaguered bank.
RELATED INDICES
Susquehanna Advisors Group reported a 7.5% stake in the bank after Citadel Securities said it owned 5.5%.
The crypto-friendly bank has faced increasing scrutiny over the past few months following the collapse of FTX. According to a recent report from MarketWatch, SI is currently the most shorted stock on Wall Street.
MicroStrategy was also up by 8.9% to $22.29, at 3:15 p.m EST.
Coinbase was also trading up around 3.3%, reversing course after declining more than 20% last week. The exchange faced a steep selloff after the Securities and Exchange Commission said the Kraken exchange agreed to pay a $30 million penalty and cease its staking products for U.S. customers.
Jack Dorsey's Block was also trading higher, gaining 1.9%.
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