From Nasdaq:

Stocks linked to Bitcoin experienced a significant downturn as Bitcoin’s price fell below $41,000. Companies such as MicroStrategy, Coinbase, Riot Platforms, and Marathon Digital Holdings have seen their stock prices decline. Despite the introduction of spot Bitcoin ETFs, Bitcoin has lost over 5% in value in 2024, affecting the crypto market and related stocks.

MicroStrategy and Coinbase saw their stock prices decrease by 25% and 29%, respectively in December and January. Riot Platforms and Marathon Digital Holdings also experienced substantial declines in stock price, falling by over 41% and 38% respectively. Bitcoin’s struggles have led to a significant impact on stocks linked to cryptocurrency.

Despite the launch of several Bitcoin ETFs this year, Bitcoin has not found strong footing, with its price down over 5% since the beginning of 2024. The total trading volume for Bitcoin spot ETFs surpassed $20 billion, with new ETFs attracting billions in inflows. JPMorgan Chase & Co. reported that the nine new funds garnered approximately $270 million in inflows, countering the $4.4 billion moving out from GBTC.

Deutsche Bank analysts anticipate Bitcoin’s value will increase over the year, advising investors to be cautious and not conflate price gains with broader predictions of cryptocurrency overtaking traditional finance. The regulatory landscape for Bitcoin remains uncertain, as the spot Bitcoin ETF approval opens up new possibilities for Bitcoin prices, although volatile conditions are likely to persist. At the time of writing, Bitcoin was trading at $40,060, up by 0.52% in the last 24 hours.



Read more: As Billions Of Dollars Flowed Into Bitcoin ETFs, Crypto Stocks Like MicroStrategy, Coinbase Got Left Behind In The Dust