Bitcoin, mining stocks rise while Silvergate shares soar
Crypto prices were in the green as the market continued to rally on Monday. Equities related to blockchain and cryptocurrencies were also higher.
Bitcoin traded up about 0.5% during the day, flirting with the $23,000 barrier, according to TradingView data. Ether rose marginally, trading at $1,635.
BTCUSD chart by TradingView
As bitcoin prices continue to increase, $25,000 is the next crucial resistance level for the leading crypto by market cap, said B2C2’s Chief Risk Officer Adam Farthing.
The rally coincided with a depreciation of the U.S. dollar. The DXY has traded down year-to-date to 102.05 from highs above 114 last year. Bitcoin’s price in dollars tends to move higher when the dollar weakens.
DXY chart by TradingView
Crypto stocks
Silvergate closed up 16.8%, trading around $16 at 4 p.m. EST, according to Nasdaq data. Shares in the crypto-friendly bank had soared 11% by 11:30 a.m. EST.
SI chart by TradingView
Coinbase shares increased by 1.5%. On Friday, Moody’s downgraded the exchange’s corporate family rating and guaranteed senior unsecured notes. Moody’s stated that the firm’s corporate outlook was stable.
MicroStrategy traded up 4.2%, climbing to $250.22. Jack Dorsey’s Block also rose, climbing 7.2% by market close.
Bitcoin mining stocks tracked by The Block mostly increased on Monday, with 18 gaining and only one declining. SAI.TECH Global rose by 29%, while Core Scientific gained 26.7%.
