Crypto Stocks Nosedives As Market Tumbles
Highlights
- Crypto-related companies have recorded a sharp stock decline.
- This comes on the back of outflows in Bitcoin and other crypto assets.
- Despite this, bulls project future gains should sentiments flip.
Crypto stocks are trading downwards alongside digital assets as low sentiment from negative macro factors dominates the market. Bearish sentiment extends as Bitcoin price touched lows not seen in months. At press time, Bitcoin prices exchange hands at $64,114 marking a 1.60% drop in the last 24 hours. This mounted negative volumes in altcoins and crypto stocks.
Crypto stocks are companies whose prices are affected by the activities of Bitcoin, altcoin, or blockchain developments. From Coinbase to Bitcoin mining stocks, shares trade in the red zone. Here’s how top crypto stocks performed this week.
Crypto Stocks Plummets
Digital asset exchange, Coinbase (COIN) recorded a 3.9% outflow in the last 24 hours taking weekly losses of over 8%. Although monthly figures trade sideways, long-term stats hold on to highs recorded this year. Since COIN debuted in 2021, Bitcoin price has affected the stock according to the previous market cycles. This is due to surging activities in the bull season and declined numbers in a bear market.
Aside from Coinbase, Bitcoin mining companies plunged considerably this week. Marathon Digital (MARA) is worth $19.21, a 7% drop today and a 4% decline this week. Outflows in Bitcoin affect miners as a result of a decline in reserve. Bitcoin growth in Q1 2024 leading to an all-time high above $73k spurred miner movements coupled with the Bitcoin halving.
Canadian-based Hut 8 is down 5.28% today while weekly numbers are 10% up in the market. Riot Platforms fell 8% today with seven-day figures at 12%. Amidst the low numbers, MicroStrategy saw inflows as the company increased bullish momentum.
Will Stocks Rebound?
Crypto stocks decline in the short term and will swing due to a wider market increase. Bitcoin and other crypto assets will soar if macro factors swing positively spurring reduced assets. Bulls eye upcoming events like interest rate cuts by the Federal Reserve and the US Presidential elections.
Also Read: Could Japan’s Banking Crisis Trigger Another Bitcoin Rally? Authur Hayes Think So
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