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Crypto Stocks, Bitcoin Miners Sell-Off as Profit-Taking Caps Explosive Year-End
Bitcoin slipped below $42,000 on Friday, stalling below its yearly high.
Updated Mar 8, 2024, 7:15 p.m. Published Dec 29, 2023, 5:20 p.m.
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Shares of U.S.-listed cryptocurrency-related companies sold off heavily on Friday morning as investors took profit on the last trading day of the year after an explosive rally in 2023.
Crypto exchange Coinbase (COIN) declined 8% during the early hours of Friday, while the shares of relentless bitcoin hoarder MicroStrategy, with nearly $6 billion in BTC in its treasury, dropped nearly 7%.
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Nasdaq-listed bitcoin miners Marathon Digital Holdings (MARA) and Riot Platforms (RIOT) suffered even steeper losses ranging over 10%. Smaller public miners CleanSpark (CLSK) and Hut 8 (HUT) also fell nearly 20%.
The sell-off was perhaps buoyed by investors locking in profits for 2023, capping an explosive year for the beaten-down asset class as bitcoin's price rally stuck below its yearly highs ahead of an expected spot-based ETF approval in the U.S.
BTC was changing hands slightly below $42,000, lower than its near-$45,000 local top recorded in early December but up 155% this year.
Crypto stocks gained even more through 2023, with Coinbase up nearly 400%, while the miners' stocks multiplied several folds.
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Bitcoin holds near $68,000 as volatility cools, WLFI jumps ahead of Mar-a-Lago forum
Bitcoin trades in a tight range as derivatives stabilize and altcoins show pockets of strength ahead of key macro cues and a high-profile crypto event.
What to know:
- Bitcoin is up 0.9% on Wednesday to around $68,000, holding between $65,100 and $72,000 since Feb. 6 as volatility and funding rates cool.
- Open interest sits at $15.5 billion, funding rates are flat to slightly negative, and options skew has eased, signaling a more balanced market.
- The Trump-backed WLFI token has surged nearly 19% in 24 hours ahead of a Mar-a-Lago crypto forum, while MORPHO extends its weekly rally.
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