Crypto Stock Mania Tested by Sliding Prices, Bitcoin Slump
Bloomberg 2 hrs ago
(Bloomberg)
A drop in cryptocurrency-linked stocks in the wake of Bitcoin’s slide and Coinbase Global Inc.’s choppy debut is stirring a rallying cry from optimists who reject fears that the sector has peaked.
A global, Bloomberg-curated basket of equities linked to crypto trading or Bitcoin mining fell some 9% over the past week, paring 2021’s climb to about 130%. A weekend Bitcoin plunge rattled crypto mania, but the token has since pared some losses and remains up 690% over the past year.
“The public market validation of Bitcoin and the entire space from Coinbase’s listing will encourage people who can invest in the markets to do so,” said Jehan Chu, managing partner at crypto adviser Kenetic Capital in Hong Kong. There are signs retail investors took advantage of Bitcoin’s fall, he added.
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