2 months ago 1 min read

Markets this Week: Bitcoin and Cryptocurrency Prices Rise as Silvergate Problems Get Worse

bitcoin-silvergate-polygon-shiba inu-memecoin

Over the last week, cryptocurrency prices increased while equities declined due to a slew of bad news.

At 7:30 a.m., Bitcoin was being traded for $16,910. EST, based on information from TradingView. The top cryptocurrency by market capitalization increased 1.9% over the previous week.

by TradingView, a cryptocurrency heat map

In the same time frame, Ether increased by 5.3%, whereas altcoins saw significantly greater gains. Cardano's ADA surged 11.3%, Binance's BNB increased by 6%, and Polygon's MATIC increased by roughly 5.5%.

Shiba inu jumped 4.5%, while Dogecoin increased by 5.3%. Dog-themed memecoins bounced back after last week's decline.

Structured products and cryptocurrencies

The S&P 500 and Nasdaq 100 both experienced slight weekly declines; respectively, they fell by 0.01% and 0.02%.

When Silvergate revealed its preliminary Q4 financial results, which revealed $8.1 billion in withdrawals, the stock crashed. A 40% workforce reduction was also revealed by the bank that supports cryptocurrencies. The stock was downgraded by JPMorgan from overweight to neutral. Bank of America reduced its rating to underperform and reduced its projected earnings per share by 90%.

Despite a boost on Wednesday due to a deal with the New York Department of Financial Services, Coinbase fell 9% over the course of the week. On Thursday, Cowen downgraded COIN, citing declining trading volumes, but several analysts countered that the market had already adjusted to reduced volumes.

To start the year, MicroStrategy increased 10%, erasing the losses from the previous week. Block increased in value by 4% and traded for around $69.

Great! You’ve successfully signed up.
Welcome back! You've successfully signed in.
You've successfully subscribed to Coin Aquarium.
Your link has expired.
Success! Check your email for magic link to sign-in.
Success! Your billing info has been updated.
Your billing was not updated.