Shares of crypto-related stocks are trading lower as Bitcoin falls following weak US GDP data.
Portfolio Pulse from Benzinga Newsdesk
Crypto-related stocks such as CLSK, COIN, and MSTR are trading lower in response to a decline in Bitcoin value, which is attributed to disappointing US GDP data.
April 25, 2024 | 1:45 pm
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NEGATIVE IMPACT
CleanSpark's stock is trading lower due to the fall in Bitcoin value, influenced by weak US GDP data.
As a company involved in Bitcoin mining, CleanSpark's financial performance is closely tied to the price of Bitcoin. Weak US GDP data has negatively impacted Bitcoin's value, leading to a decrease in investor confidence in crypto-related stocks like CLSK.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Coinbase's stock is trading lower as a direct consequence of Bitcoin's decline following disappointing US GDP data.
Coinbase, being a platform for trading cryptocurrencies including Bitcoin, is directly affected by the cryptocurrency's market performance. The weak US GDP data has led to a decrease in Bitcoin's value, thereby affecting COIN's stock negatively.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
MicroStrategy's stock is trading lower in response to Bitcoin's decline, which was triggered by weak US GDP data.
MicroStrategy's significant investment in Bitcoin makes its stock price sensitive to changes in the cryptocurrency's value. The disappointing US GDP data has led to a decline in Bitcoin's value, thus impacting MSTR's stock negatively.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80