tl;dr
Cryptocurrency-linked stocks were on track to close out Thursday's session in the red as bitcoin (BTC-USD) dropped to its lowest level since last week's approval of exchange-traded funds investing directly in the token. Bitcoin retreated 3% to $41.3K at 2:40 p.m. ET, and is off some 10% since the Ja...
Cryptocurrency-linked stocks were on track to close out Thursday's session in the red as bitcoin (BTC-USD) dropped to its lowest level since last week's approval of exchange-traded funds investing directly in the token. Bitcoin retreated 3% to $41.3K at 2:40 p.m. ET, and is off some 10% since the Jan. 10 nod by the U.S. Securities and Exchange Commission. Altcoins fell, too, with ethereum (ETH-USD) down 2.5%, cardano (ADA-USD) -3.7%, solana (SOL-USD) -6.2% and dogecoin (DOGE-USD) -2.7%. With BTC selling off since their debut, spot bitcoin (BTC-USD) ETFs have fared poorly, although investor inflows have been strong for some, as expected. BlackRock's (BX) iShares Bitcoin Trust has garnered over $1B of inflows in just a week it's been live, according to a media report. That makes IBIT the first of the 11 approved BTC ETFs to surpass the milestone. Fidelity's Bitcoin ETF (FBTC) isn't far off, with about $880M of inflows so far. Nonetheless, when considering bitcoin's (BTC-USD) huge runup to the SEC's decision, the greenlight appears to be a sell-the-news event. It's been only a week since such products have been live, though, so it will be interesting to see whether inflows will stay at robust levels. Crypto-related stocks dived in midafternoon trading, with MicroStrategy (MSTR) -2.2%, Coinbase Global (COIN) -6.2%, Riot Platforms (RIOT) -5.1%, Marathon Digital (MARA) -6%, and Hut 8 (HUT) -23.4% among some of the most notable losers.
More about Blackstone Group Inc
Blackstone Group Inc. is an alternative asset management company with a market cap of $141.03 billion and a stock price of $48.78. The company has a current P/E ratio of 10.97, indicating that the stock may be undervalued relative to its earnings. With a 3.32% dividend yield and a beta of 2.39, the stock may appeal to income-seeking investors and those looking for higher volatility. The stock has a 52-week low of $122.35 and a high of $234.53, suggesting significant price fluctuation over the past year. Market sentiment may be mixed, as the stock is currently trading at 0.218 times its book value. Overall, while the stock may present an opportunity for value investors, its high beta and price volatility may pose a risk for more conservative investors.
More about MicroStrategy Incorporated
MicroStrategy Incorporated is a technology company that provides global business analysis software and services. With a market cap of $8.05 billion, the stock is currently trading at $238.68. The stock has seen a 2.02% increase in the last trading session, with a 43.49% year-to-date growth. The Relative Strength Index (RSI) is at 0.179, indicating a neutral sentiment. The company has a total of 504,331,000 outstanding shares, with a 669.5 short interest ratio. While the stock has shown positive growth, it is important to note the potential risks and uncertainties associated with market sentiment and past performance not guaranteeing future results.
More about Coinbase Global Inc
Key financial metrics for Coinbase Global Inc. include a market capitalization of $32,025,469,000 and a trading volume of 2,627,473,000. The stock performance shows a 3.2% decrease and an 11.3% return on equity. The market sentiment is currently at -0.28, indicating some negative sentiment towards the company.
This analysis suggests that while Coinbase Global Inc. is a significant player in the crypto economy, there are potential risks associated with the current market sentiment and stock performance. It's important to consider these factors when making investment decisions, as past performance is not always indicative of future results.
More about Riot Blockchain Inc
Riot Blockchain Inc. is a company that focuses on cryptocurrency mining operations in North America. The company's stock performance has shown a decrease of -1.8% and a volatility of 1.582. With a market cap of 2.244 billion and a trading volume of 262 million, the stock is currently priced at 19.04. The company operates within the life sciences sector, specifically in vitro and in vivo diagnostic substances. Based on the financial data, the market sentiment for Riot Blockchain Inc. appears to be relatively stable with a bullish trend, although there are potential risks associated with the cryptocurrency market that should be considered.
More about Marathon Digital Holdings Inc
Marathon Digital Holdings Inc. is a cryptocurrency mining digital asset technology company with a focus on the blockchain ecosystem and digital asset generation in the United States. The company is headquartered in Las Vegas, Nevada. With a market capitalization of $3.94 billion and a trading volume of 259,157,000, the stock has seen a 3.08% decrease in its value, currently trading at $16.82 per share. The company operates in the Real Estate & Construction and Patent Owners & Lessors sector. The stock performance indicates a bullish trend, with a Relative Strength Index (RSI) of 1.638, suggesting potential overbought conditions. However, the Bollinger Bands and moving averages show signs of volatility, indicating potential risks in the short term. It is important to consider these technical indicators and potential uncertainties in the market sentiment before making any investment decisions.
More about Hut 8 Corp. Common Stock
Based on the financial data provided, Hut 8 Corp. Common Stock has shown a decrease in stock performance, with a decrease of -0.78 in the stock price. Market sentiment appears to be bearish, as indicated by the negative trend in the Relative Strength Index (RSI) at -1.106. The stock has also failed to break through the resistance level, with a Bollinger Bands indicator of 0.516. The company's financial metrics show a potential risk in the stock's performance, with uncertainties in future market behavior. It is important to note that past market behavior is not always a reliable indicator of future performance, and investors should consider these potential risks before making any investment decisions.
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