Bitcoin below $23,000 as prices dip, Silvergate's dive takes a breather

Quick Take

  • Bitcoin was trading around $22,400, down 4.5%. Ether slipped over 4%.
  • Crypto-related stocks were up for the most part, while MicroStrategy dropped 2.3%. 

Crypto prices continued to decline heading into the weekend.

Bitcoin was trading around $22,400 by 12:45 a.m. EST, down 4.5%, according to TradingView data. Ether dropped 4.7% to $1,570.

Altcoins were trading in a similar direction. Binance's BNB slid 2.7%, Ripple's XRP shed 2.3%, and Polygon's MATIC was down 2.1%

Crypto stocks

Silvergate's plunge to a breather, with shares rising 5.6% to $6.05, according to TradingView data. The bank's stock took a beating on Thursday, a day after it warned in a regulatory filing that it may be "less than well-capitalized" and was "re-evaluating its business." Shares sank about 50%.

Jack Dorsey's Block added 2.5% to trade above $80. Coinbase shares were up 0.1% to about $63.80.

Shares in MicroStrategy were trading down 2.2% to $247. Co-founder Michael Saylor said Silvergate was "responsible" amid the collapse of other crypto institutions, including the FTX exchange, and said he'd keep doing business with the crypto-friendly bank.

Saylor failed in his bid to dismiss claims that he didn't adequately pay his income taxes, interest and penalties due in Washington, DC.

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