Shares of crypto stocks are trading lower after Bitcoin dropped below $65K.
Portfolio Pulse from Benzinga Newsdesk
Shares of crypto stocks are trading lower after Bitcoin dropped below $65K.
June 18, 2024 | 1:41 pm
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NEGATIVE IMPACT
Coinbase shares are trading lower as Bitcoin's price drops below $65K.
Coinbase's revenue is closely tied to Bitcoin's price. A drop in Bitcoin typically leads to lower trading volumes and transaction fees, negatively impacting Coinbase's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Marathon Digital Holdings shares are trading lower as Bitcoin's price drops below $65K.
Marathon Digital Holdings is a Bitcoin mining company. A drop in Bitcoin's price reduces the profitability of mining operations, negatively impacting the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
MicroStrategy shares are trading lower as Bitcoin's price drops below $65K.
MicroStrategy holds a significant amount of Bitcoin on its balance sheet. A drop in Bitcoin's price directly impacts the company's asset value, leading to a decline in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Riot Blockchain shares are trading lower as Bitcoin's price drops below $65K.
Riot Blockchain is a Bitcoin mining company. A drop in Bitcoin's price reduces the profitability of mining operations, negatively impacting the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100