Shares of crypto-linked are trading lower amid a drop in the price of bitcoin. Weakness in the commodity may be due to August's ISM Manufacturing PMI data indicating an economic contraction and pending non-farm payrolls data that may determine the size of future rate cuts.
Portfolio Pulse from Benzinga Newsdesk
Crypto-linked stocks are experiencing a decline as Bitcoin prices drop. This is influenced by economic contraction signals from August's ISM Manufacturing PMI data and anticipation of non-farm payrolls data, which could impact future rate cuts.
September 03, 2024 | 3:59 pm
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NEGATIVE IMPACT
Coinbase shares are likely to be impacted by the drop in Bitcoin prices, as the company's performance is closely tied to cryptocurrency market trends.
Coinbase's business model is heavily reliant on cryptocurrency trading volumes and prices. A drop in Bitcoin prices typically leads to reduced trading activity, negatively impacting Coinbase's revenue.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Marathon Digital Holdings, involved in Bitcoin mining, is likely to see its stock price decline due to the drop in Bitcoin prices.
Marathon Digital Holdings' business is heavily dependent on Bitcoin mining. Lower Bitcoin prices reduce mining profitability, which can negatively impact the company's stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
MicroStrategy, known for its significant Bitcoin holdings, is likely to see its stock price affected by the decline in Bitcoin prices.
MicroStrategy holds a substantial amount of Bitcoin on its balance sheet. A decrease in Bitcoin's price directly affects the company's asset value, leading to potential stock price declines.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
Riot Platforms, a major Bitcoin mining company, is expected to be negatively impacted by the drop in Bitcoin prices.
Riot Platforms' revenue is closely tied to Bitcoin mining profitability, which decreases when Bitcoin prices fall, potentially leading to lower stock prices.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80