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Coinbase (COIN), Marathon (MARA), Riot fall by almost 10% while the price of Bitcoin falls to $42,000
Shares of US-listed cryptocurrency-related companies were sold off heavily on Friday morning as investors took profits on the final trading day of the year following an explosive rally in 2023.
Cryptocurrency exchange Coinbase (COIN) tumbled 8% during the early hours of Friday, while shares of relentless bitcoin accumulator MicroStrategy, with nearly $6 billion in BTC in its treasury, fell nearly 7%.
Nasdaq-listed bitcoin miners Marathon Digital Holdings (MARA) and Riot Platforms (RIOT) suffered even steeper losses of more than 10%. Smaller public miners CleanSpark (CLSK) and Hut 8 (HUT) also fell nearly 20%.
The sell-off was perhaps supported by investors locking in profits for 2023, capping an explosive year for the embattled asset class, while bitcoin’s price rally remained below its yearly highs ahead of the expected approval of the spot ETF in the United States.
BTC changed hands slightly below $42,000, lower than its local high of nearly $45,000 recorded in early December but up 155% this year.
Crypto stocks have gained even more in 2023, with Coinbase up nearly 400%, while miner stocks have risen multiple times.