Bitcoin Continues to Flirt with $19,000 as Crypto Prices Hold Steady

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Bitcoin and Ether held at two-month highs overnight as the global crypto market capitalization hit its highest level since the collapse of FTX.

Bitcoin was trading at $18,877 as of 8:30 a.m. EST, up 3.6% in the past 24 hours, according to data from TradingView.

BTCUSD Chart by TradingView

Ether continues to trade above $1,400, little change from yesterday’s inflation report. Binance’s BNB added 1% during this time, while Ripple’s XRP and Cardano’s ADA rose 1.9% and 3.3% respectively.

The recent rally supported the global crypto market capitalization, which hit $946 billion from $851 billion last week, the highest level since Nov. 9, according to data from The Block.

Crypto stocks and structured products

Coinbase fell 3.7% as of 8:40 a.m. EST in premarket trading, according to Nasdaq data. Shares in the stock market rose more than 30% this week following the announcement of additional job cuts. Cathie Wood’s Ark Invest bought over $7 million worth of COIN this week.

Silvergate jumped 3.5% in early trading, trading above $14. The crypto-friendly bank will release its fourth quarter results next week. The La Jolla-based company already shared its preliminary financial results last week and said it was cutting 40% of its workforce.

MicroStrategy was weaker in premarket trading. The block fell 2% to trade around $70.

Shares of GBTC also hit a two-month high this week as they broke above $10 yesterday. The fund’s discount to net asset value (NAV) widened to 39.7%, according to data from The Block.

2023 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.

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