Crypto stocks tank along with bitcoin
CoinDesk data show bitcoin, the largest cryptocurrency by market cap, has lost over 39% of its value since hitting record highs near $69,000 on Nov. 10 owing to a broad-based move to less risky assets triggered by the Federal Reserve’s Shares of the U.S.-listed mining companies Marathon Digital Holdings , Riot Blockchain and Bit Digital have dropped more than 50% each since Nov. 10, according to data from charting platform TradingView.
The decline in the value of the so-called crypto stocks is perhaps reflective of institutions losing interest in the sector amid rising prospects of faster Fed rate hikes. It also shows that investing in bitcoin remains a safer way to gain exposure to the cryptocurrency. Still, while bitcoin may be viewed as digital gold by some in the crypto community, it is also an emerging technology. That makes both bitcoin and crypto stocks sensitive to monetary policy tightening.
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