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Bitcoin and ether prices fell this week after the Silvergate crypto bank issue.
Over the past week, the price of bitcoin fell by 4.8%, while ether fell by 3.9%, according to TradingView data. Those price fluctuations come amid the crypto bank’s disclosure on Wednesday that it may be “poorly capitalized.”
TradingView chart of the Bitcoin price for the past week.
Altcoins haven’t done well in the past week either. Cardano was down 6.3% and Solana was down 8.3%, while memecoin Shiba was down 9.9% and Dogecoin was down 5.5%, according to CoinGecko data.
Bitcoin was trading at $22,353 Saturday morning, while Ether was at $1,568.78, according to TradingView at 6:30 am ET.
Macro problem
Earlier this week, Bernstein analysts said that crypto’s correlation with US macro and equity market events was weakening. The crypto market’s sensitivity to traditional markets is not what it used to be, with any dips bought after down days in US equity markets, analysts said.
Crypto stocks
Some crypto stocks mirror Silvergate’s limited fall. Crypto bank shares fell 60.55% over the past week to $5.76. However, Microstrategy fell just 5.81% to $246.91 as co-founder Michael Saylor said Silvergate was a “responsible” bank amid the collapse of other crypto institutions, including exchange FTX, and added that he would continue to do business with crypto-banks. friendly
Coinbase, which said Thursday it was no longer accepting or initiating payments to or from crypto banks, felt some initial share price shock from the Silvergate disclosure but ended the week at $64.50, an increase of 7.41%. The block ended the week at $80.87, an increase of 4.21%.
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