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Coinbase, Silvergate rise in pre-market trading, GBTC lifts off fresh lows


www.theblock.co 22 November 2022 13:50, UTC
Reading time: ~2 m

Most major cryptocurrencies were lower on Tuesday morning, but some altcoins bucked the downward trend.

Bitcoin was down 0.9% over the past 24 hours, trading at $16,003. Meanwhile, ether dropped 1.9% as it traded at $1,121.

BTCUSD chart by TradingView

Binance's BNB gained 0.4% over the last day. ADA, DOGE, AND DOT all fell, dropping 0.5%, 0.5%, and 1.1%, respectively. Curve DAO's token CRV plunged, dipping up to 14% to 43 cents at one point thanks to pressure from a short seller. The price has since recovered; CRV was trading at 62 cents at 8:30 a.m. ET.

Polygon's MATIC and Ripple's XRP bucked the downtrend, adding 4.8% and 4%, respectively.

Grayscale's GBTC discount was up from its latest all-time low of 45.2%. The bitcoin trust has been reaching new lows intermittently over the past two weeks as sentiment in crypto markets worsens.

The firm's sister company Genesis is facing increasing liquidity issues and there are reports that it may face a possible bankruptcy, adding to the downward pressure.

This his hasn't dissuaded all investors. Ark Invest added over $1.4 million worth of GBTC shares on Monday, adding to the more than $5.4 million purchased last week.

Crypto stocks

Crypto-related stocks rebounded in pre-market trading.

Block was up 0.44%, according to Nasdaq data via TradingView. Coinbase gained 3.7% to trade around $43, following yesterday's sell-off when shares hit an all-time low under $42.

Shares in crypto bank Silvergate also perked up, adding 3% to trade at $25. Crypto prime broker FalconX said it would resume using the Silvergate payments network today.

Michael Saylor's MicroStrategy added 2.23% to trade back above $160.

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