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These Crypto Stocks Are Falling Amid Q2 2024 Optimism
Crypto stocks started the year with strong optimism after a strong performance in January followed by a jump in the next two months. The first quarter of 2024 saw a massive surge in most crypto stocks, which hit monthly highs. This is due to the bullish state of the digital asset market, with most coins surging.
Crypto stocks are influenced by the prices of Bitcoin (BTC), altcoins and other blockchain developments. Institutional inflows in spot Bitcoin ETFs saw the jump lead to a new all-time high above $73,000. This positive sentiment has led to a boost in crypto stocks among exchanges, software companies and Bitcoin miners here are three stocks plunging amid market sentiment.
Microstrategy (MSTR)
MicroStrategy is trading at $1,285, down 2.66% today along with other related stocks. MSTR is down over 13% in the last seven days with similar losses this quarter compared to the previous one. Over the last 30 days, MicroStrategy has seen over 20% outflows, while the long-term figures remain in the green zone.
The company is known for its bullish strategy Bitcoin Securities skyrocketed in Q1 as the asset price rallied, which means an ultimately better balance sheet. Despite the weak trading this quarter, MSTR is up 87% YTD on hopes of a positive run.
Coinbase (COIN)
Coinbase is among the most popular crypto stocks and has been trading alongside the market since its debut on the Nasdaq in 2021. CURRENCY is trading at $223 after falling 1.73% in the last 24 hours. Weekly figures are in the green zone, slightly above 2%, but the asset remains a shadow of its Q1 performance. Last month saw a decline in numbers due to recent market fluctuations.
Coinbase reported bullish earnings for the first quarter of 2024, posting better-than-expected results after the cryptocurrency market volumes surged.
Bitcoin Mining Actions
The broad spectrum of BTC mining companies are showing reduced numbers compared to the first three months of 2024. Marathon Digital is down 5% today to trade at $20.84. Likewise, Hut 8, Riot Platforms, and CleanSpark are also down compared to Q1 inflows.
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David is a financial news contributor with 4 years of experience in Blockchain and cryptocurrency. He is interested in learning about emerging technologies and has an eye for breaking news. Keeping up to date with trends, David has written in several niches including regulation, partnerships, cryptocurrency, 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 own market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.