Crypto prices crept higher to begin the new year, while crypto-related stocks had a mixed week.
It was a blood bath for Silvergate and Coinbase, while Block and MicroStrategy traded higher.Bitcoin was changing hands for $16,910 at 7:30 a.m. EST, according to data via TradingView. The leading cryptocurrency by market cap was up 1.9% over the past seven days.Ether jumped 5.3% in the same period, while altcoins had even more pronounced gains. Binance's BNB rose 6%, Cardano's ADA soared 11.3% and Polygon's MATIC was up about 5.5%.
Dogecoin was up 5.3% and shiba inu rose 4.5% as dog-themed memecoins recovered from last week's drop.U.S. stock indices were down marginally throughout the week; the S&P 500 slipped 0.01% and the Nasdaq 100 was down 0.02%. Silvergate tanked as the firm released preliminary Q4 financials that showed $8.1 billion in withdrawals. The crypto-friendly bank also announced plans to lay off about 40% of its staff. JPMorgan downgraded the stock to neutral from overweight. Bank of America downgraded it to underperform and cut its earnings per share estimates by 90%.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin, ether steady, as crypto stocks continue downtrend with Silvergate shedding 10%Bitcoin and ether continue to be largely unaffected by the plethora of news in crypto this week. Crypto-related stocks continue to trade down.
Read more »
Silvergate Capital shares sink as crypto-related deposits plungeSilvergate Capital Corp reported a sharp drop in fourth-quarter crypto-related deposits on Thursday and said it would cut its workforce by 40%, or about 200 employees, as withdrawals surged following the collapse of industry major FTX.
Read more »
Bitcoin Miner Marathon Digital Pays Off Silvergate Revolving CreditBitcoin miner MarathonDH in December paid down $30 million from a revolving line of credit from silvergatebank. $MARA $SI egreechee reports
Read more »
MicroStrategy, Marathon Digital Shares Fall Amid Crypto Bank Silvergate's WoesThe shares of MicroStrategy and MarathonDH fell amidst the layoffs and investment write down of their lender silvergatebank. But Silvergate has other crypto ties that raise further concerns. by Aoyon_A
Read more »
Bitcoin and ether down; Silvergate plunges 40%Crypto prices remain relatively steady. Crypto-related stocks sink following a torrent of news, including layoffs at Silvergate and a fresh downgrade for COIN.
Read more »
JPMorgan downgrades Silvergate Capital, says crypto bank's huge withdrawals can hurt stock long termHigher-than-expected deposit withdrawals by customers at Silvergate Capital is ringing the alarm at JPMorgan.
Read more »