Bitcoin holds firm above $24,000, with crypto prices buoyant as stocks dips

Crypto prices continue to climb higher, with bitcoin firmly above $24,000. Equities linked to cryptocurrency and blockchain technology traded down. 

Bitcoin was trading at $24,400 by 10 a.m. EST, up 7.4% over the past day, according to TradingView data. The leading crypto by market cap reached a six-month high above $24,200 on Wednesday. It remains steady above this point. 

Lower volatility in stocks and bonds, lower oil prices and a weakening U.S. dollar have benefited bitcoin, according to Noelle Acheson, former head of market insights at Genesis. It’s also one of the most sensitive liquidity plays right now, she said.

Bitcoin is up almost 50% year-to-date, following recent gains and January’s extended rally. 

Ether and the broader crypto market were also in the green. ETH added 6.5% to trade above $1,670. Binance’s BNB gained 4.5%, Ripple’s XRP was up 2.1%, and Polygon’s MATIC soared over 8%. Dog-themed memecoins were also higher. Dogecoin and shiba inu gained 1.7% and 1.4%, respectively.

Crypto stocks

The recent equities rally appears to have run out of steam, at least for now. The S&P 500 and the Nasdaq 100 were down shortly after the open, both slipping 1.1%.

Coinbase shares were down 3.4% by 10:10 a.m. EST, according to Nasdaq data. COIN was trading below $67, having clocked double-digit gains in the previous day’s session. 

Crypto-friendly bank Silvergate was also in the red. SI shares dropped 4.5% to $21.50 from $22.40 at the close on Wednesday. Shares in Block, formerly Square, were down 2.5% to $80.66.

MicroStrategy bucked the trend, adding 0.3% to trade just below $300.