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
RELATED INDICES
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.
© 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.
