Crypto Market Downturn Hits Coinbase, Microstrategy, and Mining Stocks Hard

During the widespread downturn in the cryptocurrency markets, publicly listed companies within the sector such as Coinbase, Microstrategy, and bitcoin mining enterprises have experienced notable declines in their stock values. Shares of Coinbase have fallen by over 21% since last month, and in the same period, Marathon Digital Holdings’ shares have dropped more than 28% relative to the U.S. dollar.

Public Crypto Firms Bear the Brunt of the Latest Storm

The value of bitcoin (BTC) has declined over 15% against the dollar since last month, and ethereum (ETH) has dropped more than 17%. In total, the crypto economy has witnessed about $420 billion vanish from its market value over the past month. This trend has extended to Wall Street, specifically affecting companies deeply involved in the digital currency ecosystem.

For example, Coinbase (Nasdaq: COIN) has decreased by 21.63% over the past month and 13.89% in the last five days. Meanwhile, Microstrategy (Nasdaq: MSTR) increased its bitcoin reserves to 214,400 BTC, yet MSTR shares have fallen 45.19% this month. Microstrategy’s shares have declined 19.74% against the greenback in the past five days. Bitcoin mining company Bitdeer (Nasdaq: BTDR) experienced a decrease of 21.12% this month and 16.69% of that occurred in the last five days.

Marathon (Nasdaq: MARA) saw its stock value drop by 28.43% this month, following netting a loss of approximately 15.96% this past week. Similar downturns occurred at Canaan, Cleanspark, Argo Blockchain, Terawulf, Bit Digital, Hive, Iris, and several other firms in the crypto asset sector. Additionally, U.S. spot bitcoin exchange-traded fund (ETF) shares have declined, with IBIT falling 17.23% this month and FBTC down 16.98% over the same period.

What do you think about the crypto company shares dropping significantly in value over the past month? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn