Markets
Crypto stocks plunge as market collapses
Crypto stocks are trading lower alongside digital assets as low sentiment due to negative macroeconomic factors dominates the market. Bearish sentiment is spreading as the price of Bitcoin reaches levels not seen in months. At press time, Bitcoin prices are trading at $64,114, down 1.60% over the past 24 hours. This led to increased negative volumes in altcoins and crypto stocks.
Crypto stocks are companies whose prices are affected by Bitcoin, altcoin, or blockchain development activities. From Coinbase to Bitcoin mining stocks, stocks are trading in the red zone. Here’s how top crypto stocks performed this week.
Crypto stocks collapse
Digital asset exchange, Coinbase (PIECE OF MONEY) recorded a capital outflow of 3.9% in the last 24 hours, recording weekly losses of more than 8%. Even though the monthly figures move sideways, the long-term statistics remain at the highs recorded this year. Since COIN’s launch in 2021, the price of Bitcoin has affected the stock based on previous market cycles. This is due to increased activities during the bull season and lower numbers in a bear market.
Aside from Coinbase, Bitcoin mining companies have plunged significantly this week. Marathon Digital (MARA) is worth $19.21, down 7% today and down 4% this week. Bitcoin outflows affect miners due to a decline in reserves. Bitcoin’s growth in the first quarter of 2024, leading to an all-time high above $73,000, has boosted miner movements, coupled with the
Canadian company Hut 8 is down 5.28% today, while weekly figures are up 10% in the market. Riot Platforms fell 8% today with seven-day figures at 12%. Amid these weak numbers, MicroStrategy saw inflows as the company increased its bullish momentum.
Will stocks rebound?
Crypto stocks decline in the short term and fluctuate due to a broader market increase. Bitcoin and other crypto assets will soar if macroeconomic factors move positively, leading to a reduction in assets. Investors are interested in upcoming events, such as Federal Reserve interest rate cuts and the U.S. presidential election.
Read also: Could Japan’s Banking Crisis Spark Another Bitcoin Rally? Author Hayes thinks so
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.