Crypto Prices Slip Amid Silvergate Fallout

[ad_1]

Bitcoin and ether prices have fallen this week following issues at crypto bank Silvergate.

Over the past week, the price of bitcoin has fallen 4.8%, while ether has fallen 3.9%, according to data from TradingView. These price swings came amid Wednesday’s revelations from the crypto bank that it may be “less than well capitalized.”

TradingView chart of Bitcoin price over the past week.

Altcoins haven’t fared well over the past week either. Cardano fell 6.3% and Solana 8.3%, while Shiba memecoins fell 9.9% and Dogecoin fell 5.5%, according to data from CoinGecko.

Bitcoin was trading at $22,353 Saturday morning, while Ether was at $1,568.78, according to TradingView as of 6:30 a.m. ET.

Macro Matters

Earlier in the week, analysts at Bernstein said the crypto’s correlation to macroeconomic events and US stock markets is weakening. The crypto market’s sensitivity to traditional markets is not what it used to be, with every dip being bought after days of declines in US stock markets, analysts said.

Crypto stocks

Some crypto stocks reflected limited fallout from Silvergate. The crypto bank’s stock has fallen 60.55% over the past week to $5.76. Yet Microstrategy fell just 5.81% to $246.91 as co-founder Michael Saylor said Silvergate was a “responsible” bank amid the collapse of other crypto institutions, including the FTX exchange, and added that he would continue to do business with the crypto-friendly bank

Coinbase, which on Thursday said it was no longer accepting or initiating payments to or from the crypto bank, felt some initial stock price tremors following the Silvergate disclosure, but ended the week to $64.50, an increase of 7.41%. Block ended the week at $80.87, an increase of 4.21%.

[ad_2]