Bitcoin blasts through $17,000 amid wider market rally

Bitcoin blasted past $17,000 amid a wider market rally that sent crypto-related stocks and traditional markets higher. 

The biggest cryptocurrency increased 1.8% in the past 24 hours to  $17,260. Ether was up 4.7% to $1,324 at 9:45 ET, according to TradingView.

BTC/USD chart from TradingView

The S&P 500 rose 0.5%, and the Nasdaq 100 was up 0.9% following the market open. 

Coinbase jumped nearly 8%, and Galaxy Digital rose almost 7%.

Coinbase chart from Trading View

Silvergate missed the rally, dropping by more than 3%. The firm last week released preliminary Q4 financials that showed $8.1 billion in withdrawals. The crypto-friendly bank also announced plans to lay off about 40% of its staff.

JPMorgan downgraded the stock to neutral from overweight, while Bank of America downgraded it to underperform and cut its earnings per share estimates by 90%.

 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: https://www.theblock.co/post/200124/bitcoin-blasts-through-17000-amid-wider-market-rally?utm_source=rss&utm_medium=rss