Why Coinbase, Bitcoin, and Silvergate Capital Dropped on Friday
The market is having a rough day today and that has extended to cryptocurrency and related companies. The big news is higher-than-expected inflation, causing investors to speculate that interest rates will be going up significantly later this year.
Bitcoin (CRYPTO: BTC) has fallen 4.3% in the last 24 hours as of 12:50 p.m. ET and it's holding up better than most cryptocurrencies. Some are down double digits and there seems to be no bottom for this crypto winter in sight. Coinbase Global (NASDAQ: COIN) has fallen 8% and Silvergate Capital (NYSE: SI) is off 4.8%. The two stocks traded down as much as 9.4% and 6.7% respectively.
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Source Fool.com
