Bitcoin, crypto prices sink for second day; Coinbase down as markets look to Fed minutes

Quick Take

  • Crypto-stocks were broadly in the red, with COIN and SI leading the drop. 
  • Markets are looking to the release of the U.S. Federal Reserve’s January meeting minutes this evening. 

Cryptocurrency and stocks dipped as the focus turned to the release of the U.S. Federal Reserve's January meeting minutes later today. 

Bitcoin was trading at $23,700 by 11.20 a.m. EST, down 3.8% over the past day, according to TradingView data. Levels above $24,000 have been challenging to maintain. Bitcoin slipped below $24,000 at the tail end of last week before regaining the level Friday. 

Ether was trading around $1,600, having slipped 3.7%. Binance's BNB fell 2.7%, Cardano's ADA dipped 3.6%, and Solana's SOL was down 6.5%. 

Memecoins fell in tandem with altcoins. Dogecoin and shiba inu dropped by 3.2% and 4.3%, respectively. 

Markets have contracted ahead of the Fed's latest meeting minutes as they take on extra significance given recent inflation and jobs data. 

"Investors will focus on dissecting the Fed’s meeting minutes this afternoon, looking for any additional insights behind the Fed’s unanimous 25 basis point hike at the last FOMC meeting," GSR wrote in a market report. 


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Crypto Stocks

The Nasdaq 100 and the S&P 500 were up marginally by 11:20 a.m. EST. 

Coinbase was down 2.2% to $60.75, according to Nasdaq data. The exchange delivered its fourth-quarter earnings last night, beating revenue estimates, which analysts attributed to interest income from USDC. 

Crypto-friendly bank Silvergate slipped 3.5% to $15.75. The La Jolla-based bank was downgraded on Tuesday by Moody's amid increased regulatory scrutiny in the U.S. following the collapse of FTX. 

MicroStrategy dropped 1.4% to $266, while Jack Dorsey's Block bucked the downtrend to add 1.3%.  

© 2023 The Block. 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.

About Author

Adam Morgan is a reporter covering cryptocurrency, financial markets, and economics – anything from price movements, earnings reports, and inflation to the U.S. Federal Reserve interest rate decisions and everything in between. Adam is based in London.


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