The cryptocurrency market jumped and dumped quickly today after Bitcoin set a new all-time high. Further losses ahead or a short-term market correction?
Crypto-related stocks were not immune to the sell-off with losses of varying degrees recorded. After making a multi-month high yesterday, Coinbase has given back around 2.5% so far today……while MicroStrategy slumped by over 11%, again from a multi-month high. For context, MicroStrategy is still up nearly 75% since the start of the year……while Bitcoin Miner Marathon Digital Holdings is down 10% on the session so far and roughly flat on the year.
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