Crypto Companies Escape April’s Stock Market Turbulence
While April was a rough month for the stock market, cryptocurrency companies reportedly enjoyed smooth sailing.
As Bloomberg news reported Wednesday (April 30), companies such as Coinbase and crypto mining operation CleanSpark have risen sharply this month, enjoying double-digit increases even as the S&P 500 Index slipped 2.5%.
According to the report, this momentum comes as bitcoin has seen a 13% rally, restarting a debate over its status as an investor safe haven.
“The main driver has been obviously the spot price” for companies with bitcoin exposure, Keefe Bruyette & Woods analyst Bill Papanastasiou told Bloomberg. “And a lot of these miners as well, during this whole tariff debacle, were hit pretty hard, and…
