Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
Cryptocurrency-related stocks are trading significantly lower in Friday’s pre-market session as bitcoin begins to lose bullish momentum.
Marathon Digital (MARA) and Riot Blockchain (RIOT) are leading the plunge in crypto stocks today, with both making double-digit percentage moves to the downside.
Coinbase (COIN), meanwhile, is trading at $77.81, a 6.91% decline from Thursday’s close of $85.44. MicroStrategy (MSTR), which is one of the largest holders of bitcoin, has seen its stock drop to $297.68, 8.23% lower than yesterday’s close.
The corrective nature of this morning’s session is reflected across the wider crypto market and equities, with the Nasdaq100 and S&P500 indices trading 0.82% and 0.68% lower respectively.
Friday’s market lull comes after strong performance in equities since July 17, with the Nasdaq rising by 20.88% during that time.
Coinbase also performed particularly well this month, rising by 57.15% in spite of today’s drop to $77.81.
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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.