These Crypto Stocks Are Falling Amid Q2 2024 optimism
Crypto stocks started the year with strong optimism after a strong performance in January and a rally in the next two months. The first quarter of 2024 saw a major rally in most crypto stocks, reaching highs not seen in months. This was due to the bullish state of the digital asset market, with most cryptocurrencies rising.
Crypto stocks are affected by Bitcoin (BTC), altcoin prices, and other blockchain developments. Institutional listings in place Bitcoin ETFs saw the jump reach a new all-time high above $73,000. This positive sentiment has led to a surge in crypto stocks across exchanges, software companies, and Bitcoin miners, with three stocks seeing declines amid the market sentiment.
MicroStrategy (MSTR)
MicroStrategy, along with other related stocks, is trading down 2.66% today at $1,285. MSTR is down over 13% in the last seven days, with similar losses this quarter compared to the previous quarter. MicroStrategy is up over 20% in the last 30 days, while long-term numbers remain in the green.
The company was known for its bullish trend Bitcoin assets It rose in Q1 on the back of the asset’s rising price, which ultimately translates to a better balance sheet. Despite weak trading in the quarter, MSTR is up 87% year-to-date on hopes of a positive outlook.
Coinbase (COIN)
Coinbase is among the popular crypto stocks and has been traded on the market since its launch on the Nasdaq in 2021. COIN It is trading at $223 after falling 1.73% in the last 24 hours. The weekly figures are in the green at just over 2% but the asset remains overshadowed by its first quarter performance. The figures have fallen over the past month due to recent market volatility.
Coinbase is bullish on Q1 2024 after posting better-than-expected results on the back of rising crypto market volumes.
Bitcoin Mining Stocks
The broad spectrum of BTC mining companies is showing declining numbers compared to the first three months of 2024. Marathon Digital is changing hands today, down 5% at $20.84. Similarly, Hut 8, Riot Platforms, and CleanSpark are also seeing inflows decline compared to the first quarter.
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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 knack for keeping up with breaking news. Keeping up to date with trends, David has reported on a variety of topics including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.
The content presented may include the author’s personal opinion 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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