Crypto-related stocks are going down because the crypto market is in a mess. The industry, which used to be very successful, is now in a terrible free fall that has lost billions of dollars in market value. Many people have lost money on Coinbase, MicroStrategy and Robinhood, three of the biggest cryptocurrency exchanges and business firms specializing in Bitcoin. At the same time, Bitcoin mining stocks like Riot Blockchain and Marathon Digital are falling apart. Even though the government and regulators are backing the crypto crash, investors are still losing faith.
Heavy Losses for Coinbase, MicroStrategy, Robinhood
The economic slowdown has been very bad for Coinbase. The value of its stock has dropped from $350 to $190, a loss of $38 billion. MicroStrategy, the company with the most Bitcoin, has also taken a huge hit. Its market cap has dropped from $106 billion to $79 billion. Robinhood is a big name in crypto trading for regular people, but its stock price dropped from $66.85 to $45, causing it to lose $18 billion in value.
Bitcoin mining stocks falling
The drop in Bitcoin’s price is also hurting Bitcoin mining companies, which make less money. Other mining companies such as Core Scientific, CleanSpark, Hut 8 Mining and TeraWulf, have dropped their values sharply. Marathon Digital has lost over $4.6 billion in value. The drop in Bitcoin’s value makes it harder for these businesses to make money.
BTC and Altcoins Keep going downhill
The market value for the whole crypto market has dropped by $1 trillion, from $3.7 trillion to $2.7 trillion. Even worse than Bitcoin, many other cryptocurrencies are also falling sharply. Bitcoin fell from $109,300 in January to $85,000 today. It’s wild that meme coins on Solana have lost $18 billion in value.
Conclusion
Even though the slump is still going on, the future of crypto stocks is still unclear. Some analysts think the price will go up again. For example, Standard Chartered thinks Bitcoin could hit $500,000. On the other hand, CryptoQuant’s Ki Young Ju says that the bull run is over because the market is showing signs of weakness.
