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Bitcoin Fails To Claw Back Fed-Related Losses As Silvergate Bucks Downtrend
Crypto prices largely continued a slide that started with the Fed's 50-basis point interest rate increase yesterday. Crypto-related stocks were down, although Silvergate bucked the trend.
Muskaan T.
6:22 17th Dec, 2022

Bitcoin slipped 4% to trade around $17,400 at 12:30 p.m. EST today, according to TradingView data. Ether is down 5% over the past 24 hours, trading at $1,271 – the majority of losses also followed the Fed news. Binance's BNB token has continued to trend lower today, dipping 3.5%. Dog-themed memecoins had a rough ride too, with dogecoin and shiba inu shedding 5.2% and 3.5%, respectively.

BTCUSD chart by TradingView

Crypto stocks and structured products

U.S. stock indices were down across the board on Thursday. The S&P 500 fell 2.5%, while the Nasdaq 100 dropped by 3%.

Coinbase dropped 5.5% by 12:35 p.m. EST, according to Nasdaq data. Shares in the exchange are trading at an all-time low amid ongoing market turmoil and concerns over contagion from FTX's collapse.

Jack Dorsey's Block fell 6.9% to trade around $66.30, and MicroStrategy plunged 5.7%.

Silvergate bucked the downward trend, adding 1.8% to trade at $19.06.

Grayscale's GBTC continues to trade at a discount of nearly 50% to its net asset value, with shares in the fund trading at a discount of 48.3% to the value of the bitcoin it holds.


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