Bitcoin, mining stocks rise while Silvergate shares soar

Bitcoin
www.theblock.co 6 h    Reading time: ~2 m

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.

Bitcoin, mining stocks rise while Silvergate shares soar0

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.

Bitcoin, mining stocks rise while Silvergate shares soar1

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.

Bitcoin, mining stocks rise while Silvergate shares soar2

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%.



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Updated: 01/24/2023 — 00:00

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