Bitcoin, BNB slide as ether is little changed; crypto stocks rise

Markets • February 17, 2023, 9:53AM EST

UPDATED: February 17, 2023, 10:36AM EST

Quick Take

Bitcoin and BNB fell more than 2% over the past 24 hours, while ether was little changed. Crypto-related stocks rose.

Bitcoin and BNB fell more than 2% over the past 24 hours, while ether was little changed. Crypto-related stocks were mostly up.

The biggest cryptocurrency by market cap was down to below $24,000 after surpassing $25,000 yesterday. BNB was trading just below $310. Ether hovered around $1,669.

Traditional markets were lower across the board, but crypto-related stocks traded higher, with Silvergate up more than 4% after the open, Coinbase rising nearly 2% and MicroStrategy up 1%.

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MicroStrategy reported in a filing that it had sold 218,575 shares of class A common stock from a previously announced for proceeds of about $46.6 million. The company intends to use part of the proceeds for "general corporate purposes, including the acquisition of bitcoin and working capital."

In a separate 10-K filing, MicroStrategy said it held around 132,500 bitcoin as of Feb. 15 that were acquired at an average price of $30,137.

About Author

Christiana is a long-time journalist who has written about markets in the Americas, politicians who stashed cash in their underwear and high-end heels, to name just a few. She previously spent six years at Bloomberg, and her work has appeared in the WSJ, LA Times, Insider, Vogue Business and more. Christiana has a bachelor's degree in English from Pace University and a master's degree in journalism from New York University. She completed a master's degree in media psychology for fun.