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Coinbase, Silvergate And Crypto Stocks Tick Lower, Grayscale Trusts Hit New Lows

Admin by Admin
November 18, 2022
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Crypto prices traded up marginally, while shares in Coinbase and Silvergate continued to trade lower.

Bitcoin was up 0.1% over the past 24 hours, trading at $16,693. Meanwhile, ether added 0.2% as it traded at $1,212.

Binance’s BNB added 1.5% on the last day. Other cryptocurrencies added modest gains  DOT was up 0.5%, and ADA grew by 0.8%. Polygon’s MATIC faltered, falling 0.8%.

Public companies closely tied to crypto and blockchain technology have traded down all week. Early morning trading in the U.S. today showed no signs of a trend reversal.

The S&P 500 and the Nasdaq 100 were up slightly, 0.26% and 0.01%, respectively.

Silvergate, which has traded down throughout the week, dipped 6% shortly after the opening today, according to Nasdaq data via TradingView. Goldman Sachs analysts had revised its price target to $40 from $64. The crypto bank is down almost $10 this week, trading around $26.

Coinbase fell 5% to $46.24. Block shares were down over 1.75% to $66.80. MicroStrategy fell almost 2%, trading around $170.

Grayscale’s bitcoin and ether trust hit new record lows as the firm’s parent company, Digital Currency Group, moved to allay contagion fears.

The Grayscale Bitcoin Trust (GBTC), which has been trading at a discount since the beginning of 2021, hit a record low on Thursday.

GBTC is currently trading at a discount of -42.7%, its lowest point ever, according to The Block’s Data Dashboard. The discount represents the market price of GBTC shares, which are more than 40% lower than its net asset value, or NAV.

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