U.S. Hours Tumble Below $87K
Major cryptocurrencies fell during U.S. morning hours Monday, continuing a now crystal-clear pattern of relative poor performance while American stocks trade.
Trading fairly flat just below $90,000 overnight, bitcoin plunged to $86,800 in mid-morning U.S. trade.
“Since the iShares Bitcoin ETF IBIT began trading, had you only owned it after hours (buy the close, sell the next open), it’s up 222%,” noted Bespoke Investment. “Had you only owned intraday (buy the open, sell the close), it’s down 40.5%.”
Crypto stocks also started the week significantly lower with both Strategy (MSTR) and Circle (CRCL) both down about 7%. Coinbase (COIN) fell more than 5% while trading platforms Robinhood (HOOD) and eToro (ETOR) faced smaller…
