Bitcoin ETFs Experience Trading Volume Despite Market Decline
While spot bitcoin exchange-traded funds (ETFs) saw significant trading activity on Thursday and Friday, publicly-listed crypto companies faced losses as the market closed on Friday. Marathon Digital Holdings' shares plummeted by over 15%, and Coinbase Global's stock registered a loss of more than 7% during trading sessions before the weekend.
Publicly-Listed Crypto Firms Grapple with Share Declines
In addition to the decline in bitcoin's spot market value, publicly-listed cryptocurrency companies also faced losses. Coinbase experienced a 7.35% decline, Canaan faced an 8.92% drop, and Block Inc. saw a moderate 2% decrease. Microstrategy Inc. took a substantial hit with a 9.45% loss. The new ETFs also struggled against the greenback, with Bitwise's BITB witnessing a decline of 6.19%, Fidelity Wise Origin Bitcoin Fund (FBTC) experiencing a similar 6.19% loss, Blackrock's IBIT registering a 6.23% decrease, and Valkyrie's BRRR seeing a 6.17% dip in value.
Bitcoin Miners and Other Crypto Firms Face Significant Losses
Publicly-listed bitcoin miners also faced substantial losses, with Marathon witnessing a significant 15.27% decline and Bitfarms experiencing a 6.15% reduction in value. Bit Digital struggled, recording a 7.59% loss against the dollar, and Iris Energy bore the brunt of a 14.74% hit to its valuation. Cleanspark didn't fare well either, losing 12.10% on Friday. Overall, it was a challenging day for publicly-listed crypto firms and bitcoin, with noticeable losses evident throughout.
Long-Term Gains Despite Short-Term Losses
While the short-term statistics may appear lackluster, a deeper analysis of the six-month and twelve-month market data reveals a contrasting narrative. The majority of the mentioned companies achieved double to triple-digit gains in the past year. Despite the recent losses, this suggests potential for a rebound in the market.
What do you think about the crypto company stocks that saw losses on Friday? Do you expect the market to rebound? Share your thoughts and opinions about this subject in the comments section below.
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By: Jamie Redman
Title: Bitcoin ETFs and Crypto Stocks Face Declines in Market
Sourced From: news.bitcoin.com/across-the-board-crypto-stock-declines-erode-earlier-profit-streaks/
Published Date: Sat, 13 Jan 2024 16:30:20 +0000
