Crypto-Related Stocks Are Moving Lower Thursday: What's Going On?
Portfolio Pulse from Adam Eckert
Crypto-related stocks Coinbase Global Inc (COIN), Marathon Digital Holdings Inc (MARA), and Riot Platforms Inc (RIOT) are trading lower, following a recent crypto rally and Bitcoin's price pullback. The downturn comes despite anticipation of a potential spot Bitcoin ETF approval expected in early 2024 and the Federal Reserve's hint at possible rate cuts next year. Ark Invest's Cathie Wood sold a significant portion of her Coinbase position, with Coinbase shares down about 2% and up 400% YTD. Marathon Digital and Riot Blockchain also saw declines of about 5% and 1%, respectively, after recent surges in their stock prices.
December 28, 2023 | 1:53 pm
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NEGATIVE IMPACT
Coinbase shares are down about 2% Thursday morning, despite being up more than 400% YTD. Cathie Wood's sale of Coinbase stock could influence investor sentiment.
The sale by a prominent investor like Cathie Wood could lead to negative sentiment in the short term, despite the year-to-date gains.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 90
NEGATIVE IMPACT
Marathon Digital's stock is down about 5% after a 160% rally over the last month, potentially due to the broader crypto market pullback.
The decline in Marathon Digital's stock price seems to be a reaction to the recent crypto market downturn, which could continue in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Riot Platforms' shares are down about 1% Thursday morning after a nearly 50% increase over the last month, mirroring the crypto market's movements.
Riot Platforms' stock is experiencing a slight pullback in line with the broader crypto market's pause, which may affect the stock in the short term.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 80