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Despite the Bitcoin (BTC) value gaining momentum over the past 30 days, the value of several crypto-related stocks has plummeted to record lows.
Grayscale’s Bitcoin Trust (GBTC) jumped a record 50% on Dec. 13 after defending the US SEC’s refusal to approve the trust’s conversion to an exchange-traded fund (ETF). traded at a discount rate
according to google finance datashares have risen 3.70% over the past 24 hours to $8.40 at the time of writing. It is down 6.25% over the last 30 days and 41.5% over the last 6 months. In the year-to-date indicator, that value has decreased by 75%.
Speculation about the financial health of parent company Digital Currency Group has increased following recent events in the crypto space.
GBTC’s value plunged 87% from its all-time high.
US-based cryptocurrency exchange Coinbase’s share price has hit an all-time low since its debut in April 2021.
According to Yahoo Finance, COIN fell It broke below $40 on December 11 and has been below that level since then. Over the past 24 hours, its value has fallen 9.18% to $38.69, and over the past 30 days he has fallen more than 20%. In 2022 alone, the stock has fallen more than 80%.
Coinbase shares were trading as high as $342 at their peak.
However, despite poor price performance, Cathie Wood’s Ark Invest continues to buy shares in cryptocurrency exchanges.Investment company reportedly Purchased over 75,000 COIN shares for over $3 million.
Data shared by Anthony Power, Bitcoin mining analyst at Compass Mining, shows that the stock prices of Bitcoin miners with a market cap of over $1 billion fell by more than 80% on average during the 2021 bull market.
Argo Blockchain has been the worst hit, according to data, with its share price down 97.1% year-to-date.In addition, December 10th crypto slate A report has revealed that a BTC mining company may have erroneously disclosed plans to file for bankruptcy.
crypto slate Research reveals that miners are facing difficulties due to the low price of BTC. As a result, they have been aggressively selling BTC, with their holdings dropping to their lowest level in a year.
According to another report, miners like Hut8, Riot and Marathon increased their BTC holdings in November, while Argo, Bit Digital, Bitfarms and Cleanspark’s BTC reserves decreased.
Bitcoin-related stocks have struggled over the past year, but the flagship digital asset has outperformed them despite weakening overall market conditions.
according to crypto slate Data shows that BTC has gained 2.2% to $17,833 in the last 24 hours. Its value has increased by more than 4% in the last 7 days and about 9% in the last 30 days.
Meanwhile, in the year-to-date indicators, BTC is down about 60% and is about 74% below its all-time high.
