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Crypto-linked stocks dip as bitcoin takes a breather (Cryptocurrency:BTC-USD)
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Cryptocurrency-related stocks retreated in Monday late morning trading as bitcoin (BTC-USD) continued to trade sideways on the heels of strong rally.
Companies whose primary business is to mine bitcoin (BTC-USD) saw their shares retreat, including Riot Platforms (RIOT) -2.9%, Marathon Digital (MARA) -2.6%, Core Scientific (OTCPK:CORZQ) -4%, Hut 8 Mining (HUT) -5.1% and HIVE Digital Technologies (HIVE) -5.8%. Other crypto-exposed stocks: MicroStrategy (MSTR) -0.6%, Coinbase Global (COIN) -0.3% and Galaxy Digital (OTCPK:BRPHF) -2.7%.
The first-ever crypto (BTC-USD) edge down 0.5% to $36.9K at 11:35 a.m. ET, after surging to nearly $38K on Thursday amid growing optimism around an approval for a U.S. spot bitcoin ETF.
“Securing approval from the SEC would likely draw significant investments from traditional finance, ushering in a fresh influx of investors that could fortify and elevate digital assets to a more recognized asset class,” said Matteo Greco, research analyst at digital asset and fintech investment firm Fineqia International.
“Conversely, a rejection would probably trigger a short-term downturn, given the prevailing expectations favouring approval and the subsequent positioning of market participants heavily influenced by this anticipation,” he added.
Ethereum (ETH-USD), meantime, extended its rally, driving up 2.2% to $2.09K. Among the potential drivers of the upswing include BlackRock’s (BLK) confirmed plans to create an ETF that holds the largest altcoin.
Overall, the global crypto market value ticked up 0.3% to $1.42T at the time of writing, according to CoinMarketCap data.
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