Crypto Stocks Fall As Market Drops
Crypto stocks are trading down along with digital assets as lower sentiment resulting from negative macro factors dominates the market. The bearish trend is increasing as the Bitcoin price reaches lows not seen in months. At the time of writing, Bitcoin prices changed hands at $64,114, down 1.60% in the last 24 hours. This led to negative volumes in altcoins and crypto stocks.
Crypto stocks are companies whose prices are affected by Bitcoin, altcoin or blockchain developments. Stocks from Coinbase to Bitcoin mining stocks are trading in the red. Here’s how top crypto stocks performed this week.
Crypto Stocks Drop
Digital asset exchange, Coinbase (COIN) recorded a 3.9% gain in the last 24 hours, with weekly losses of over 8%. Although monthly figures have varied in the opposite direction, long-term statistics maintain the high levels recorded this year. Since COIN’s launch in 2021, Bitcoin price has impacted the stock based on previous market cycles. This is due to increased activity during the bull season and decreasing numbers during the bear market.
Apart from Coinbase, Bitcoin mining companies have also fallen significantly this week. Marathon Digital (MARA) is down 7% today and 4% this week to $19.21. Outflows in Bitcoin affect miners as a result of the decrease in reserves. Bitcoin’s rise above its all-time high of $73,000 in the first quarter of 2024 encouraged miner movements. Bitcoin halving.
Canada-based Hut 8 fell 5.28% today, while weekly figures in the market increased by 10%. Riot Platforms is down 8% today and the seven-day figures are 12%. Amid the low numbers, MicroStrategy saw inflows as the company increased its bullish momentum.
Will Stocks Rise?
Crypto stocks are bearish in the short term and will shake out due to a broader market rally. Bitcoin If macro factors swing in a positive direction, causing assets to decline, and other crypto assets will rise rapidly. The targets track upcoming events such as the Fed’s interest rate cut and the US Presidential election.
So read: Could Japan’s Banking Crisis Trigger Another Bitcoin Rally? Author Hayes Thinks So
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
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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