Popular stocks that give investors Bitcoin Exposure continued to decline as prices of leading cryptocurrencies fell following the upcoming launch of spot crypto exchange-traded funds (ETFs) in the US.
Major stocks of public companies that hold bitcoin — such as MicroStrategy, Tesla, and Coinbase — have fallen significantly over the past month.
Such stocks allow investors to get into the cryptocurrency game, without purchasing the digital assets themselves. But since the emergence of Bitcoin, the largest and oldest digital currency He received a beating This month, so are crypto stocks.
MicroStrategy (NASDAQ: MSTR), the largest public holder of BTC with 189,150 coins today worth $7.5 billion, is down 25% in the past month, trading for $450.99 per share.
Meanwhile, electric car company Tesla (NASDAQ: TSLA) stock is down more than 19%, and is priced at $207.83. Elon Musk's technology company owns over $386 million worth of Bitcoin.
And the largest cryptocurrency exchange in America, Coinbase (NASDAQ: COIN), which Audience gone In 2021, it has declined even further, down 29% over the past month. COIN is trading today for $121.34 per share.
Many stocks –Especially mining stocks-It usually performs as well or even better than the cryptocurrency industry when there is interest in the digital asset space.
With the price of Bitcoin falling so far in 2024, the largest Bitcoin-related stocks are not in good shape. Canadian bitcoin mining company Hut, which trades on the Toronto Stock Exchange as HUT, fell more than 64% during the month.
US mining company Riot Platforms (NASDAQ: RIOT) is down more than 41%, with the share price at just over $10. Miners are some of the largest holders of publicly traded Bitcoin.
Bitcoin's price has fallen so far this year – even with… launch Of many Bitcoin ETFs. Analysts are divided on whether the launch of long-awaited investment vehicles, which allow investors to buy stocks that track the price of the cryptocurrency, will lead to a rise in prices.
But although it may be too early to say whether or not the influx of capital will cause Bitcoin's price to rise, the asset is suffering at the moment. It appears that cryptocurrency stocks will continue to decline as a result.
Edited by Andrew Hayward
