Bitcoin

<p>As 2023 draws to a close, the crypto market is witnessing a downturn in the performance of crypto-related stocks. Investors are rushing to cash in their profits on the final trading day of the year, leading to significant dips in the prices of various crypto assets.<a href="https://blockworks.co/news/crypto-stocks-dip-2023-end" rel="nofollow noopener" target="_blank"> </a></p> 
<h2 class="wp-block-heading" id="crypto-s-volatile-year">Crypto’s Volatile Year</h2> 
<p>Crypto exchange Coinbase and business intelligence firm <a href="https://www.cryptopolitan.com/microstrategys-stock-surges-350/" data-type="post" data-id="432612">MicroStrategy</a> are among the notable casualties of this year’s crypto rollercoaster. Both companies experienced declines, with Coinbase’s stock price falling by 7.4%, while MicroStrategy dipped by 5.4% on the last trading day of the year.</p> 
<p>Mining companies also took a hit, with Marathon Digital, Hut 8 Corp, and Riot Blockchain all trading in the double digits, with Hut 8 leading the decline at a staggering 18% drop. Despite this decline, Hut 8 has had a remarkable year, with its shares surging by more than 1,500%. This surge was primarily fueled by the company’s merger with US Bitcoin Corp in November, an event described as crypto’s “largest mergers and acquisitions transaction.”</p> 
<p>Marathon Digital, another prominent mining company, is on track to end the year with gains exceeding 615%. The fourth quarter witnessed a significant rally in Marathon Digital’s stock price, contributing to its remarkable performance in 2023. However, the company’s 11-day winning streak is at risk of ending if it closes lower on the final trading day of the year.</p> 
<p>Riot Blockchain also saw substantial growth in 2023, with gains of approximately 360%. Despite hitting its high point of the year in July, reaching around $20 per share, Riot’s stock experienced fluctuations, settling around $9 in September and October. As of the last trading day of the year, Riot was trading at approximately $15 per share. The company announced expansion plans earlier in the month, involving the addition of 66,000 machines, aimed at increasing its exahash per second to over 100.</p> 
<h2 class="wp-block-heading" id="coinbase-s-remarkable-turnaround">Coinbase’s Remarkable Turnaround</h2> 
<p>In contrast to its struggles in 2022, Coinbase is poised to end 2023 on a positive note, with a year-to-date gain of 400%. This significant turnaround can be attributed to the launch of Coinbase’s native blockchain, which propelled its stock into the $150 range. While this performance is impressive, Coinbase’s all-time high was recorded in November 2021, when its shares surpassed $340.</p> 
<p>The recent sell-off in crypto-related stocks appears to be driven by investors locking in profits as they close out a remarkable year for the crypto market. Despite the dip in prices, 2023 has been a year of explosive growth for crypto assets, with Bitcoin’s price rallying by 155%. Additionally, Coinbase and other crypto-related stocks have witnessed substantial gains throughout the year.</p> 
<p>Looking ahead to 2024, market analysts are keeping a close eye on the Federal Reserve’s potential rate hikes, expected as early as March 2024. These rate hikes could impact risk appetite and influence the performance of cryptocurrencies and related stocks. The final trading days of the year are historically volatile, making it essential for investors to monitor market developments closely.</p> 
<p>As we bid farewell to 2023, the crypto market’s performance remains uncertain, with both challenges and opportunities on the horizon. While the year may be ending on a sour note for some crypto stocks, the crypto industry’s resilience and capacity for rapid change leave room for optimism in the year ahead.</p>

Crypto stocks ending 2023 on a sour note

Table of Contents

Cryptopolitan_News

Other articles published on Dec 29, 2023

Best Crypto to Buy Today December 29 – Kaspa, Bonk, Sei

Shiba Inu burning more tokens; Celestia and Borroe Finance remain bullish

Perianne Boring: “Bitcoin at $1,000,000”

Surge in People Seeking AI Companionship Over Traditional Affairs This Christmas

Solana surpasses Ethereum in search interest in December 2023

SOLTAMA Coin is Up 17,000% Today and This Other Meme Coin is About to Explode – How to Buy?

Join our free newsletter for daily crypto updates!