As bitcoin continues to fall, the prices of crypto stocks have also plummeted dramatically. MicroStrategy (MSTR) and Grayscale Bitcoin Trust (GBTC) both had their shares fall by 8% and 13%, respectively. Other assets, such as Solana, Cardano, Binance Coin, and Terra, have lost an average of 15% of their value.
As The Market Continues To Bleed, Crypto Stocks Follow The Crash.
Data available during that time period now reveals that crypto stocks, including those of mining businesses and a large crypto exchange, have also seen a steep fall.
MicroStrategy (MSTR) and Grayscale Bitcoin Trust (GBTC), two of the largest institutions holding Bitcoin, saw their shares fall by 8% and 13%, respectively, over the time. Robinhood (HOOD), a popular crypto and stock trading site, had its value fall by 4%, while Coinbase (COIN), managed by Brian Armstrong, saw its price fall by over 10%.
Others, like as PayPal (PYPL) and Block (SQ), had their values fall by roughly 1%.
The sole exception was popular electric manufacturer Tesla, which just confirmed that it would take Dogecoin as a payment method for its products and ended the day 0.62% higher than it began.
According to researchers, the crypto stock crash was triggered by the value of Bitcoin and other assets falling by an average of 12% throughout the period. Bitcoin’s value has fallen below $40k for the second time in recent weeks, while Ethereum’s price has fallen below $2500.
Crypto stocks of publicly listed companies such as Hut 8 Mining (HUT), Hive Blockchain (HIVE), Riot Blockchain (RIOT), Marathon Digital Holdings (MARA), and Bitfarms (BITF) fell by 5% or more during trading hours.
As The Market Continues To Bleed, Crypto Stocks Follow The Crash.
Notably, the NASDAQ and S&P 500 both had a negative close to the day, with stocks on the indexes falling by more than 1% at the close of trade yesterday. This is part of a larger downturn in traditional markets since the resurgence of COVID-19 variant worries.
According to Coingecko statistics, digital assets in the top ten list of crypto assets by market size have had their prices decline by double digits in the previous 24 hours.
Bitcoin, the most valuable crypto currency, has decreased by 9% and is now worth $35,746. Ethereum, on the other hand, has dropped 14% and is now trading for less than $2500, a level it last reached 5 months ago.
Other assets, such as Solana, Cardano, Binance Coin, and Terra, have lost an average of 15% of their value.
Overall, the industry’s market valuation has dropped by more than 10% to $1.62 trillion.
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Patrick
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