Bitcoin remains over $21,000; Silvergate and Coinbase reduce prior gains


Bitcoin was trading at $21,300, an increase of almost 2%. Ether rose by 3%. At the opening bell, crypto-related equities jumped before retracing gains.

Silvergate and Coinbase rose before the opening bell after a cryptocurrency-friendly bank posted results, but conventional markets remained neutral.

According to statistics from TradingView, Bitcoin was trading at $21,300 at 10 a.m. EST, up 2.3% over the previous 24 hours.

Ether is approaching $1,400 after a 3% increase over the last day. BNB on Binance increased 2.2%, XRP on Ripple gained 1%, and ADA on Cardano gained 2.3%.

Since yesterday, the value of Shiba Inu has grown by 3.2%. The dog-themed memecoin gathered pace with the release of Shibarium, its second layer.

According to KBW analysts, Silvergate Capital’s business remains intact despite the company’s $1 billion fourth-quarter loss. As a result, the company’s stock price rose.

The bank’s stock price increased by more than 25 percent just after the opening bell. According to Nasdaq statistics, Silvergate pulled back by 10 a.m. EST, trading around $15.30, up 16%.

Additionally, Coinbase surged early in the session before losing gains. The exchange’s shares rose 3.3% to around $51.50. MicroStrategy increased by 4.8%, whereas Block increased by 1.8%.

Signature Bank reported fourth-quarter profits, and the stock rose 3% to $122. During the company’s earnings call, CEO Joseph DePaolo referred to digital assets as “the elephant in the room” and said that the bank would lower deposits to a range of around $3 billion to $5 billion. Approximately 20% of the firm $89 billion in deposits are digital assets at now.

Also Read: According to Bank of America, CBDCs and stablecoins might transform currency

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