Crypto Stocks Follow Crypto Crash as Market Continues to Bleed

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In Brief
  • Crypto stocks have also seen dramatic price drops as bitcoin continues to slide.

  • MicroStrategy (MSTR), and Grayscale Bitcoin Trust (GBTC) saw their shares drop by 8% and 13%, respectively.

  • Other assets like Solana, Cardano, Binance Coin, and Terra shed an average of 15% of their values, respectively.

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The crypto market has witnessed one of the goriest 24 hours after the industry saw a massive decline of over $200 billion in the market cap of assets in the space.

Available data within that period now shows that crypto stocks, including that of mining firms and that of a leading crypto exchange, have also witnessed a sharp drop.

Crypto stocks mirror crypto market decline

Shares of one of the largest institutions holding Bitcoin, MicroStrategy (MSTR), and Grayscale Bitcoin Trust (GBTC) saw their shares drop by 8% and 13%, respectively, within the period. Popular crypto and stock trading platform Robinhood (HOOD) saw its value drop by 4%, while Brian Armstrong-led Coinbase (COIN) saw its price decline by almost 10%.

Others like PayPal (PYPL), Block (SQ) also saw their value decline by around 1%.

Popular electric carmaker Tesla, who recently announced that it would be accepting Dogecoin as a payment method for its merchandise, was the only exception as it closed the day 0.62% higher than it started the day.

According to analysts, the dump was caused by Bitcoin and other assets’ value tanking by an average of 12% within the period. Bitcoin, for the second time in recent weeks, saw its value drop below $40k while Ethereum’s price has tanked to below $2500.

Stocks of publicly-traded crypto miners like Hut 8 Mining (HUT), Hive Blockchain (HIVE), Riot Blockchain (RIOT), Marathon Digital Holdings (MARA), and Bitfarms (BITF)  also saw their value drop by 5% or more during the trading hours.

Notably, NASDAQ and the S&P 500 also saw a bearish close to the day as the stocks on the indices declined by over 1%, respectively, at the close of trading hours yesterday. This continues the broader decline the traditional markets have witnessed since the return of the fears of COVID-19 variants.

Cryptocurrencies also face heavy losses

According to available data from Coingecko, digital assets in the top 10 ranking of crypto assets by market cap, within the last 24 hours have seen their values drop by double digits.

Bitcoin, the flagship crypto asset, dropped by 9%, and it is currently trading for $35,746. On the other hand, Ethereum has fallen by 14%, and it is selling for less than $2500 — a level it last touched 5 months ago.

Other assets like Solana, Cardano, Binance Coin, and Terra shed an average of 15% of their values, respectively.

Overall, the industry’s market cap is down by over 10%, and it is currently at $1.72 trillion.

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Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.

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