Shares of crypto-related stocks are trading lower as Bitcoin pulls back following Wednesday's strength.
Portfolio Pulse from Benzinga Newsdesk
Crypto-related stocks are trading lower due to a pullback in Bitcoin after its recent surge.
December 28, 2023 | 3:48 pm
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NEGATIVE IMPACT
Shares of Coinbase are trading lower in response to Bitcoin's pullback.
Coinbase, being a prominent cryptocurrency exchange, is directly affected by the price movements of Bitcoin. A pullback in Bitcoin often leads to a decrease in trading volumes and investor interest, which can negatively impact COIN's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Marathon Digital Holdings' stock is down as Bitcoin's momentum wanes.
Marathon Digital Holdings, a Bitcoin mining company, is sensitive to the price of Bitcoin. A decline in Bitcoin's price can lead to reduced profitability for miners and a corresponding drop in MARA's stock price.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 80
NEGATIVE IMPACT
Riot Blockchain's shares decline in line with Bitcoin's price drop.
Riot Blockchain's operations are closely tied to the cryptocurrency market, particularly Bitcoin. A pullback in Bitcoin prices can negatively affect RIOT's stock as the company's mining operations become less profitable.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 80