Bitcoin, ether both trading lower as crypto stocks lead Monday declines

Cryptocurrency prices traded down on Monday, with bitcoin slipping below $17,000. Crypto-related stocks fell across the board, with declines lead by Silvergate.

Bitcoin was trading at $16,932 shortly after 4:00 p.m. EST on Monday, according to TradingView data. The leading cryptocurrency by market cap dropped 1% over the past 24 hours.

BTCUSD chart by TradingView

Ether was trading at $1,256, down 1.7% over the past 24 hours. Binance’s BNB experienced a slightly less severe sell-off, dropping by 1.5%. Dogecoin slipped 2.8%, while fellow dog-themed memecoin Shiba Inu bucked the downward trend by adding 0.3%.

Litecoin also fought the declines, rising 3.7% over the past day.

Crypto stocks

U.S. indices were in the red today, with the S&P 500 closing down 1.8% and the Nasdaq 100 dropping 1.7%.

Coinbase shares experienced the least severe drop of any crypto-related stocks, slipping by 3.6% to $45.96. MicroStrategy fell by 5.6% to $195.45.
Jack Dorsey’s Block was changing hands at $63.10 at the close, down 7.5%. Crypto-bank Silvergate led the drop on Monday, with shares in the La Jolla, Calif.-based bank falling 8.6% to $24.21.

SI chart by TradingView

Silvergate has come under pressure over the past few weeks since it revealed exposure to FTX and BlockFi following both firms’ bankruptcy filings.

Source