Crypto-Related Stocks Are Moving Lower: 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) fell after a false SEC tweet suggested approval of a spot Bitcoin ETF. The SEC clarified the misinformation, stating no such ETF had been approved. Bitcoin's price dropped over 3%, affecting the mentioned stocks. COIN was down 3%, MARA 3.5%, and RIOT 3.43%.
January 10, 2024 | 2:03 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Coinbase Global Inc's stock fell by approximately 3% following the SEC's clarification of misinformation regarding a Bitcoin ETF approval.
Coinbase, being a major cryptocurrency exchange, is directly impacted by regulatory news related to crypto assets. The false approval news and subsequent clarification by the SEC likely led to a decrease in investor confidence, resulting in a short-term negative impact on COIN's stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Marathon Digital Holdings Inc's stock decreased by 3.5% amid the SEC's correction of false information about a Bitcoin ETF.
Marathon Digital, as a digital asset miner focused on Bitcoin, is sensitive to regulatory developments. The mistaken SEC announcement and its rectification have likely contributed to a short-term bearish sentiment, negatively affecting MARA's stock price.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
NEGATIVE IMPACT
Riot Platforms Inc's shares dropped 3.43% following the SEC's statement that no spot Bitcoin ETF has been approved.
Riot Platforms, being involved in blockchain technologies and Bitcoin infrastructure, is affected by regulatory news. The SEC's denial of a Bitcoin ETF approval likely led to a short-term negative impact on RIOT's stock price.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90