Claim $500These Crypto Stocks Are Falling Amid Q2 2024 Optimism
Highlights
- Crypto stocks face a negative outlook in Q2 2024.
- This comes after a downward sentiment in the wider crypto market.
- Coinbase, MicroStrategy and Bitcoin mining companies are among the affected stocks.
Crypto stocks started the year with strong optimism after a strong showing in January followed by a jump in the next two months. Q1 2024 recorded a massive increase in most crypto stocks as they moved to highs not recorded in months. This was due to the bullish state of the digital asset market as most coins soared.
Crypto stocks are influenced by the prices of Bitcoin (BTC), altcoins, and other blockchain developments. The institutional inflow in spot Bitcoin ETFs saw the jump led to a new all-time high above $73,000. This positive sentiment led to a boost in crypto stocks across exchanges, software companies and Bitcoin miners here are three stocks plummeting amid market sentiment.
MicroStrategy (MSTR)
MicroStrategy trades at $1,285 falling 2.66% today alongside other related stocks. MSTR has dropped above 13% in the last seven days with similar losses this quarter compared to the previous one. In the last 30 days, MicroStrategy recorded over 20% outflows while long-term figures remain in the green zone.
The company known for its bullish Bitcoin holdings soared in Q1 following the rallying price of the asset which means an ultimately better balance sheet. Despite poor trading this quarter, the MSTR pulls an 87% year-to-date growth with hopes of a positive run.
Coinbase (COIN)
Coinbase is among the popular crypto stocks and has traded alongside the market since its debut on Nasdaq in 2021. COIN trades at $223 after plummeting 1.73% in the last 24 hours. Weekly figures are in the green zone slightly over 2% but the asset remains a shadow of its Q1 performance. The past month saw a decline in numbers due to the recent market fluctuations.
Coinbase recorded bullish Q1 2024 earnings posting better-than-expected results after the increased crypto market volumes.
Bitcoin Mining Stocks
The broad spectrum of BTC mining companies is showing reduced numbers compared to the first three months of 2024. Marathon Digital is down 5% today exchanging hands at $20.84. Similarly, Hut 8, Riot Platforms, and CleanSpark are also down compared to the first quarter inflows.
Also Read: Nancy Pelosi Snaps Up $7M Nvidia and Broadcom AI Stocks, Dumps Tesla Shares
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