Crypto prices steadied while stocks tied to digital assets sank on ratings news and financial results.
Bitcoin was trading at roughly $16,800 by 1 p.m. ET, down 0.3%, according to TradingView data.
Ether was hovering around $1,240, down by about 0.8%, while altcoins like Polygon's MATIC and Ripple's XRP also fell by 2.4% and 2.7%, respectively.
The S&P 500 and Nasdaq 100 were both off by more than 1%.
Silvergate took a beating, slumping 43% after announcing job cuts and an $8.1 billion drop in deposits in the fourth quarter amid a "crisis of confidence across the ecosystem."
Crypto exchange Coinbase fell 8.5%. Cowen downgraded the stock earlier today, but Needham's John Todaro noted that trading volume declines have likely mostly been digested by the market, given those numbers are already out there.
All Comments