Coinbase, crypto-related stocks buoyant as traditional markets slide

Quick Take

  • With bitcoin above $19,000, crypto-related companies are trading higher.
  • The S&P 500 and Nasdaq are trending lower.

Crypto-related stocks from Coinbase to Hut 8 are trading higher, bucking the trend for the S&P 500 and Nasdaq, which are sliding. 

Bitcoin has been trading firmly above $19,000 over the past hour, with cryptocurrency and digital asset firms reaping the benefits.

Coinbase is up nearly 5%, with Silvergate advancing 3%. MicroStrategy rose 4.8% at around 10:40 a.m. EST. Hut 8 advanced 9%, and Marathon Digital rose 14%.

"We're absolutely seeing some surprising positive performance in crypto assets," said Stephane Ouellette, CEO at FRNT Financial. "The top 10 largest cryptocurrencies by market cap are all up over 10% in the last 7-days, some up well over 20%. Furthermore, many of those equities have significant short interests that are likely contributors to the accelerated moves." 

RELATED INDICES

BTCUSD chart by TradingView

The S&P 500 was down 0.2%, while the Nasdaq was marginally down. 

"Crypto markets are diverging from equities and continuing their upward trend with bitcoin leading the charge forward," GSR said in a market update. "U.S. equities are moving lower, with financials leading the plunge lower behind challenging bank earnings."


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About Authors

Christiana is a long-time journalist who has written about markets in the Americas, politicians who stashed cash in their underwear and high-end heels, to name just a few. She previously spent six years at Bloomberg, and her work has appeared in the WSJ, LA Times, Insider, Vogue Business and more. Christiana has a bachelor's degree in English from Pace University and a master's degree in journalism from New York University. She completed a master's degree in media psychology for fun.
Adam Morgan is a reporter covering cryptocurrency, financial markets, and economics – anything from price movements, earnings reports, and inflation to the U.S. Federal Reserve interest rate decisions and everything in between. Adam is based in London.

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