Crypto stocks mirror market-wide slump in Bitcoin, altcoins
Crypto stocks are caught in a brutal free fall, mirroring the market-wide slump in Bitcoin and altcoins.
Coinbase, the biggest crypto exchange in the U.S., has crashed from nearly $350 per share in November to $190. This decline has brought its market cap from $86 billion to $48 billion—a $38 billion wipe out.
Michael Saylor’s Strategy, has also shed billions of dollars in value. Its market cap dipped from a high of $106 billion last year to $79 billion today. The company, formerly known as MicroStrategy, has continued to accumulate Bitcoin and now holds 499,226 Bitcoins in its balance sheet.
Robinhood stock crashed from $66.85 earlier this year to $45, erasing $18 billion in value. While Robinhood is known…
