Due to a decline in market sentiment brought on by a slump in cryptocurrency tokens and an overall pessimistic outlook, cryptocurrency stocks saw outflows this week. Crypto stocks are investments whose value is influenced by blockchain technology, altcoins, or Bitcoin. Crypto stocks are still looking for Q1 2024 performance as the stock market is moving in a sideways direction.
These withdrawals are associated with both macroeconomic factors and a decline in market sentiment. The value of the currency market is now $2.54, down 0.1% from the previous day, while the price of Bitcoin increased by 0.36% to close at $67,754. The leading cryptocurrency asset saw weekly withdrawals of around 2%, which offset its monthly gains.
Users are looking to sell specific assets in the near future as the price of digital assets and crypto stocks is declining. With the market feeling pessimistic, these three cryptocurrency stocks should be sold.
MicroStrategy (MSTR)
With 1% outflows today, MicroStrategy was on the wrong side of the market. Similar positions were also observed in the previous seven days. Based on recent moves in currency stocks, the asset should be sold in the near future. With a whopping 122% growth this year and 34% growth this month, MSTR’s long-term performance is still optimistic.
MicroStrategy increased their stake in Bitcoin, accumulating 214,400 BTC, or 1% of the total amount in circulation. This year, Bitcoin reached an all-time high of over $73,000, resulting in a significant price surge.
Coinbase (COIN)
The digital asset exchange Coinbase (COIN) Coinbase is down 3.75% today due to this week’s bad performance in stocks. Reduced market activity, including lower transaction volumes and price volatility, is the cause of the asset’s decline. Similar to MicroStrategy, Coinbase reported a good Q1 2024, which resulted in earnings. However, during the past two days, short-term outflows have resulted in a pessimistic outlook.
Digital Marathon (MARA)
The decline in cryptocurrency equities due to the asset’s minor market correction also impacts Bitcoin miners. Because mining corporations have reserves, the price of the asset is tightly correlated with the cost of mining stocks. Miners’ repositioning of holdings during the Bitcoin halving event caused significant price volatility.
