Crypto Stocks Fall Amid Drop in Market Sentiment
Crypto stocks are trading in the red amid the recent correction in the digital asset market. This downward trend comes in a week that saw a slight rebound as optimism increased among stocks. Institutional investors continue to be a driving factor in the market following speculation regarding inflation data for the third quarter of 2024.
From short-listed stocks to Bitcoin (BTC) miners like Marathon Digital, crypto stocks posted sales amid mixed trading on Wall Street.
Crypto Stock Drop
MicroStrategy (MSTR), a company exposed to the price of Bitcoin, has fallen in the last 48 hours following the recent decline in the price of BTC. MSTR is trading at $1,198, down 5% in the last 24 hours and down 6% for the week. With increased BTC buying, the price is trying to recover from the highs of the first quarter of 2024. At press time, Bitcoin price It stands at $60,421.
Coinbase (COIN), the largest cryptocurrency exchange by volume in the United States, is down 3.79% today due to declining trading volumes. The asset is trading at $202.40, down 10% this week. The current state of assets indicates the decline in crypto stocks. In previous weeks, COIN It recorded an increase based on its first quarter 2024 earnings, in which revenues doubled.
Bitcoin miner Marathon Digital (MARA) erased its weekly gains as the BTC price fell 9.92% today. Bitcoin miners were hit by low market sentiment as most stocks moved into the red zone. Bitcoin halving momentum, with miners repositioning their assets, has helped mining companies make progress in the first quarter of 2024.
Canada-based miner Hut 8 also lost 2.93%, along with CleanSpark and Core Scientific. Both assets posted losses of 3% and 6% respectively.
Light at the end of the tunnel?
While recent positions for crypto stocks remain low, bulls are indicating a shift in narrative following developments in the financial market. Wall Street experts predict interest rate cuts Federal Reserve The first one comes in September. If these factors emerge, there will be an increase in corporate entries to the stock market.
Moreover, a rise in Bitcoin price will lead to renewed momentum for crypto stocks. The latest predictions of traditional players increase the motivation of the bulls.
So read: Top 10 Holders of BlackRock Spot Bitcoin ETF (IBIT)
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The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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