Crypto prices flat, Silvergate declines ahead of Powell testimony

Crypto markets traded relatively flat as the market prepares for Federal Reserve Chair Jerome Powell’s Congressional testimony on Tuesday and the release of U.S. jobs data on Friday.

Bitcoin was trading around $22,362 by 4:10 p.m. EST, down 0.3%, according to TradingView data. Ether added 0.2% to $1,561. 

Altcoins remained little changed to start the week, with Binance’s BNB sliding 0.9%, Ripple’s XRP up 0.4% and Cardano’s ADA down 2.4%.

Crypto stocks 

After starting the day with a steep decline, shares of Silvergate see-sawed, ending down 6.2% to $5.41, according to NYSE data.

On Friday, the bank announced the suspension of its Silvergate Exchange Network, its internal payment network for transmitting USD between customers, amid ongoing concerns over the bank’s capitalization. 

Silvergate has been one of the most shorted stocks on Wall Street over the past two months, according to NYSE data via Fintel. Short-seller Marc Cohodes, who has been attacking Silvergate since last year, says he expects the bank to close within a week.

SI chart by TradingView

Coinbase was down 2.7% to around $62. Block lost 0.9% to trade around $80 and MicroStrategy declined by 3.83% to $237.45.