3 Crypto Stocks To Sell Amid Bearish Markets
Crypto stocks mark outflows this week due to a fall in market sentiments sparked by a correction in crypto tokens and a general bearish outlook. Crypto stocks are assets whose values are affected by Bitcoin, altcoins, or blockchain technology. As the stock market continues sideways trading, crypto stocks struggle to find Q1 2024 performance.
These outflows are linked to a reduced sentiment in the market coupled with macroeconomic factors. The crypto market capitalization stands at $2.54, a 0.1% decline in the last 24 hours while the price of Bitcoin saw gains of 0.36% to trade at $67,754. The top crypto asset recorded weekly outflows of nearly 2% reducing its monthly gains.
Amid the drop in the price of crypto stocks and digital assets, users look to sell certain assets in the short term. Here are three crypto stocks to sell amid the market’s bearish sentiment.
MicroStrategy (MSTR)
MicroStrategy was on the wrong end of the market today recording 1% outflows. Similar positions were also seen in the last seven days. Recent movements place the asset among crypto stocks to sell in the short term. MSTR’s long-term performance remains bullish with 34% growth this month and a massive 122% this year.
MicroStrategy doubled down on its Bitcoin holdings owning 214,400 BTC, totaling 1% of the circulating supply. This saw the massive price jump as Bitcoin soared to an all-time high above $73,000 this year.
Coinbase (COIN)
Digital asset exchange Coinbase is down 3.75% today as crypto stocks trade poorly this week. The asset’s drop is due to reduced market activity like transaction volumes and price volatility. Like MicroStrategy, Coinbase recorded a bullish Q1 2024 which led to positive earnings. However short-term outflows in the last two days have led to a bearish stance.
Marathon Digital (MARA)
Bitcoin miners are also affected by the drop in crypto stocks due to the asset’s slight market correction. Mining stocks are closely linked to the asset’s price due to reserves held by these companies. The Bitcoin halving event saw miners reposition holdings leading to major price swings.
Also Read: 5 Best Stablecoin To Start Your Crypto Investment in June 2024
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