Coinbase and Microstrategy Among Hardest Hit as Crypto Market Downturn Rocks Mining Sector
Amidst a broad decline in cryptocurrency markets, public companies like Coinbase, Microstrategy, and Bitcoin mining firms have seen substantial drops in their stock values.
Coinbase’s shares fell over 21% in the past month, while Marathon Digital Holdings experienced a more than 28% decrease against the U.S. dollar during the same period. The overall crypto market downturn has seen Bitcoin drop over 15% and Ethereum more than 17% against the dollar in the last month, resulting in a combined loss of about $420 billion in market value. This downward trajectory has particularly affected Wall Street, impacting companies deeply involved in digital currencies.
Coinbase (Nasdaq: COIN) reported a 21.63% decrease in the past month and 13.89% in the last five days. Similarly, Microstrategy (Nasdaq: MSTR), despite increasing its Bitcoin reserves to 214,400 BTC, saw its shares plummet by 45.19% this month and 19.74% in the past five days. Bitcoin mining firm Bitdeer (Nasdaq: BTDR) also faced a 21.12% decrease this month, with 16.69% of that decline occurring in the last five days.
Clever Robot News Desk 2nd May 2024
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