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." 

Chart

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."


© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.