COIN

Bitcoin

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">Bitcoin retreated from its recently-set highs and dipped below $42,000 on Monday, dragging crypto-related stocks into a sea of red. Shares of <a href="https://tokenist.com/three-crypto-stocks-that-could-rise-with-bitcoins-rally/" rel="dofollow" class="deco-link">crypto-related stocks</a> like Coinbase (NASDAQ: COIN), Marathon Digital (NASDAQ: MARA), MicroStrategy (NASDAQ: MSTR), and Riot Blockchain (NASDAQ: RIOT) saw notable declines at the opening bell.&nbsp;</p> 
<h3 id="riot-mara-mstr-and-coin-react-to-bitcoin-dip">RIOT, MARA, MSTR, and COIN React to Bitcoin Dip</h3> 
<p>After <a href="https://tokenist.com/btc-is-up-19-over-30-days-how-far-can-it-go-in-2024/" rel="dofollow" class="deco-link">leaping to a new 18-month high</a> of over $44,000 earlier this month, Bitcoin gave up some of its gains on Monday. The flagship cryptocurrency retreated to around $41,900 on Monday, losing over 4.3% in the past 24 hours.</p> 
<p>Multiple factors contributed to the downswing, with on-chain indicators pointing to an upside exhaustion among traders. With most Bitcoin investments now sitting atop unrealized gains, sellers scrambled to take profits at current market tops.&nbsp;</p> 
<p>Along with Bitcoin, crypto-related stocks also entered red territory on Monday. Notably, the largest publicly-listed BTC miners, including Riot Blockchain and Marathon Digital, both fell over 9% at the market open. Michael Saylor’s MicroStrategy fell around 5.1%, similar to the decline that <a href="https://tokenist.com/coinbase-is-up-319-ytd-as-btc-shines-in-2023-becomes-one-of-spxs-best-performers/" rel="dofollow" class="deco-link">overperforming Coinbase</a> saw at the opening bell.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="bitcoin-stocks-correlation-lowest-since-2020">Bitcoin-Stocks Correlation Lowest Since 2020</h3> 
<p>While cryptocurrency-related stocks mimicked Bitcoin’s decline, the broad equity market continued its relentless rally on the week’s first trading day.&nbsp;</p> 
<p>The tech-oriented Nasdaq-100 rose around 0.26% at the open, and the DJIA climbed 0.1%, extending their multi-week rally. Only the S&amp;P 500, the benchmark market index, was trading flat at the time of writing.</p> 
<p>But the divergence in performance between stock and crypto markets is no surprise. The 30-day correlation coefficient for Bitcoin and MSCI’s gauge of global stocks recently <a aria-label=" (opens in a new tab)" href="https://www.bloomberg.com/news/articles/2023-11-15/bitcoin-btc-stocks-correlation-now-most-negative-since-covid-onset" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">fell to minus 0.23</a> – the most negative since the 2020 pandemic. For perspective, the coefficient’s value of 1 suggests that assets are in sync, while minus one would indicate they’re advancing in opposite directions.&nbsp;</p> 
<p>Despite today’s dip, the sentiment in the broader crypto market remains optimistic, primarily due to growing convictions that the <a aria-label="approval of the long-awaited spot Bitcoin exchange-traded fund (opens in a new tab)" href="https://www.reuters.com/technology/us-bitcoin-etf-issuer-talks-with-sec-have-advanced-key-details-sources-2023-12-07/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">approval of the long-awaited spot Bitcoin exchange-traded fund</a> (ETF) is imminent. Furthermore, easing macroeconomic pressures like <a href="https://tokenist.com/treasury-yields-drop-as-jobless-claims-grow-faster-than-expected/" rel="dofollow" class="deco-link">tumbling yields</a> and cooling inflation also increased investors’ appetite for risk assets.&nbsp;</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em><strong>Do you expect cryptocurrencies to continue their uptrend in 2024? Let us know in the comments below.&nbsp;</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/crypto-stocks-decline-as-bitcoin-retreats-to-42000/">Crypto Stocks Decline as Bitcoin Retreats to $42,000</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Crypto Stocks Decline as Bitcoin Retreats to $42,000

Table of Contents

Tokenist

Other articles published on Dec 11, 2023

Binance Announces the Altcoin It Chose for the 40th Launchpool Project!

$KNIGHT Utility Breakdown

Italy's digital asset ecosystem gets another liquidity boost: Conio partners with Coinbase

Wylie Aronow dismisses return rumors at Yuga Labs

Top 5 RWA Tokens With 100x Potential: BUY These Before The Bull Run?

Bitcoin Bull Run to pause amid Fed Rate cut speculation

Join our free newsletter for daily crypto updates!