Analysts and investors are struggling to call a bottom in crypto stocks after a brutal month that ended with the head of BlackRock saying most digital-asset firms won’t survive.
Few, if any, companies connected to the sector have been spared during the sell-off, with even banks like Silvergate Capital and Signature Bank taking hits. Mining stocks have been among the worst performers, with Marathon Digital Holdings and Hut 8 Mining seeing their share prices cut about in half in November.
It has been a similar situation for Coinbase. CEO Brian Armstrong took to Twitter many times in recent weeks in an attempt to reassure investors that the cryptocurrency exchange remains on a solid footing. So far, it seems to have done little to sway traders and analysts.
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