tl;dr
Despite a strong showing by Bitcoin, Coinbase shares and bitcoin miners experienced significant declines on Tuesday. Coinbase endured its worst daily decline since mid-2023, falling 9.8% on the first trading session of the year, while bitcoin miners like Marathon Digital and Riot Platforms also clos...
Despite a strong showing by Bitcoin, Coinbase shares and bitcoin miners experienced significant declines on Tuesday. Coinbase endured its worst daily decline since mid-2023, falling 9.8% on the first trading session of the year, while bitcoin miners like Marathon Digital and Riot Platforms also closed in the red. The decline among crypto stocks came as BTC spiked above $45,000, with analysts attributing the overvaluation of crypto stocks to their explosive gains in the previous quarter. Despite the recent drawdown, Coinbase shares had still nearly doubled in price over the last 10 weeks.
Despite Bitcoin's rally to a 21-month high, Coinbase shares (COIN) faced significant losses on Tuesday, as the stock declined by 9.8%. This marked its worst daily decline since mid-2023, with the stock price near $157. Bitcoin miners like Marathon Digital (MARA) and Riot Platforms (RIOT) also closed lower. The decline in crypto stocks is seen as a response to the explosive gains experienced in the previous quarter, with many shares doubling or more over the last few weeks of the year. Even after the recent drawdown, Coinbase shares had almost doubled in price over the last 10 weeks following a 150% rally from late October to a $187 high on December 27.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.