Cryptocurrency prices rebounded after yesterday’s decline, when the New York Department of Financial Services announced it will pursue regulatory action against stablecoin provider Paxos.
Bitcoin was up 1.8% over the past day, trading around $22,190 by 3:15 p.m. EST, according to TradingView data. The leading crypto by market cap fell on the news that Paxos was ordered to stop issuing the BUSD stablecoin.
Today, it began to climb, reaching a high around $22,300.
Ether also rose, increasing around 3.3%. Ripple’s XRP rose 2% in the past day, Cardano’s ADA soared 10%, and Polygon’s MATIC jumped 7.2%. Binance’s BNB remained below $300, down another 3%.
Crypto stocks
Silvergate shares soared 17% to $17.16 by 3:15 p.m. EST, according to Nasdaq data, following the announcement of multiple investments in the beleaguered bank.
Susquehanna Advisors Group reported a 7.5% stake in the bank after Citadel Securities said it owned 5.5%.
The crypto-friendly bank has faced increasing scrutiny over the past few months following the collapse of FTX. According to a recent report from MarketWatch, SI is currently the most shorted stock on Wall Street.
MicroStrategy was also up by 8.9% to $22.29, at 3:15 p.m EST.
Coinbase was also trading up around 3.3%, reversing course after declining more than 20% last week. The exchange faced a steep selloff after the Securities and Exchange Commission said the Kraken exchange agreed to pay a $30 million penalty and cease its staking products for U.S. customers.
Jack Dorsey’s Block was also trading higher, gaining 1.9%.
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Source: https://www.theblock.co/post/211724/crypto-markets-rebound-as-silvergate-soars-16-on-citadel-securities-susquehanna-stakes?utm_source=rss&utm_medium=rss