Cryptocurrency-related stocks saw significant selling on the last trading day of the year.
Owned by Bitcoin mining and cryptocurrency companies NASDAQ Shares listed on fell significantly on the last trading day of the year. Especially 2023 It is thought that the shares in this class, which made investors happy by experiencing significant increases in the second half of 2019, lost value on the last trading day due to the pressure of profit sales.
Bitcoin mining companies are among the stocks that fell the most TeraWulf (WULF), CleanSpark (CLSK), Cipher Mining (CIFR) And Riot Platforms (RIOT) came.
According to market closing data on Friday, WULF 20%CLSK 15.8%COUPLE 14.4%if RIOT %12 lost value. The largest US cryptocurrency exchange among the stocks that fell Coinbase (COIN) shares were also included. COIN last trading day of the yearü With a decrease of 6.6% closed.
It is thought that this decline in cryptocurrency-based companies may also be due to the uncertainty regarding the spot Bitcoin ETF application. The rising market as ETF news heated up in the last quarter of the year, ETF approval in January If he doesn’t come, he may react by leaving.
On the other hand, even if ETF approval comes, this is a “sell the news” may create a situation and bring about significant declines. It seems that investors are balancing their portfolios by being more cautious as they drift towards an unknown future.
One of the largest COIN investors at ARK Invest what he did in the last weeks with tens of millions of dollars in sales It was among the institutions that balanced portfolio risk.