Markets
3 Crypto Stocks to Sell in Bear Markets
Crypto stocks are marking exits this week due to a decline in market sentiment brought on by a correction in crypto tokens and a general bearish outlook. Crypto stocks are assets whose values are affected by Bitcoin, altcoins or blockchain technology. As the stock market continues to trade sideways, crypto stocks are struggling to find Q1 2024 performance.
These capital outflows are linked to a decline in market sentiment, coupled with macroeconomic factors. The crypto market cap stands at $2.54, down 0.1% over the past 24 hours, while the price of Bitcoin posted gains of 0.36% to trade at $67,754. The leading crypto asset saw weekly outflows of almost 2%, cutting into its monthly gains.
Amid the falling price of crypto stocks and digital assets, users are looking to sell certain assets in the short term. Here are three crypto stocks to sell amid bearish market sentiment.
MicroStrategy (MSTR)
MicroStrategy was on the wrong side of the market today, seeing outflows of 1%. Similar positions have also been observed over the past seven days. The recent moves place the asset among crypto stocks to sell in the near term. MSTR’s long-term performance remains bullish with 34% growth this month and a massive 122% growth this year.
MicroStrategy doubled its Bitcoin holdings by owning 214,400 BTC, totaling 1% of the circulating supply. This saw a massive price rally as Bitcoin soared to an all-time high above $73,000 this year.
Coinbase (COIN)
Digital asset exchange Coinbase is down 3.75% today, with crypto stocks trading poorly this week. The decline in assets is due to reduction in market activity, such as trading volumes and price volatility. Like MicroStrategy, Coinbase recorded a bullish first quarter of 2024 which led to positive profits. However, short-term capital outflows over the past two days have led to a bearish stance.
Digital Marathon (MARA)
Bitcoin miners are also affected by the decline in crypto stocks due to the slight correction in the asset’s market. Mining values are closely linked to the price of the asset due to the reserves held by these companies. The Bitcoin halving event saw miners reposition their holdings, leading to large price swings.
Read also: 5 Best Stablecoin to Start Your Crypto Investment in June 2024
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David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in emerging technologies and has an eye for the latest news. Staying on top of trends, David has worked across several niches including regulation, partnerships, crypto assets, stocks, NFTs, and more. Far from the financial markets, David goes cycling and horse riding.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.