Bitcoin slips, crypto stocks suffer steep declines, as tax-loss selling drives action, analysts say
Bitcoin led crypto markets lower Tuesday, down by about 1% over the past 24 hours to just below $88,000.
The decline came even as gold, silver and copper all surged to record highs (though have pulled back a bit in Tuesday afternoon trade). U.S. stocks are ahead modestly, the Nasdaq gaining 0.45%.
Crypto-related stocks were showing far steeper declines than what the drop in bitcoin might suggest.
The year’s worst performers — digital asset treasury companies — were hardest hit across the board. Strategy (MSTR) was down 4.2%, XXI (XXI) off 7.8%, ETHZilla (ETHZ) lower by 16% and Upexi falling 9%.
Other sizable decliners included Gemini (GEMI), Circle (CRCL) and Bullish (BLSH), all off by about 6%.
Analysts at digital asset hedge fund QCP…
