While most people keep close tabs on the cryptocurrency markets, the current bearish pressure goes much further. Crypto stocks have had a pretty lousy week, bar some exceptions. The industry needs a significant turnaround soon, although it may not materialize overnight.
Ebang And The9 Limited Note Growth
It is always worthwhile to start things off with some positive news. Of the many publicly-traded crypto-oriented firms, two made a decent profit this week. Ebang International Holdings, known for its mining hardware, saw stock prices increase by over 14.5%. That is a remarkable development, given how terribly the crypto markets perform these days. The company now holds a market cap of over $59 million, although there is much room for improvement.
The other notable crypto stock this week is The9 Limited, a company that specializes in gaming-related efforts. Gaming has always been an interesting addition to blockchain and cryptocurrency, and it seems The9 has garnered much attention. A weekly price gain of 7.93% might not seem significant, but it marks a crucial step forward for this contender in the crypto stocks segment.
Unfortunately, all other big companies have seen a significant drop-off. It is unfortunate to see this trend affect all crypto stocks across different verticals, including hardware, software, mining, exchange, and asset management. Some of these losses are due to the ongoing market crash, although other factors are at play too. Recovering from this rough performance will prove tricky for all participants.
Big Losses For Coinbase And Co
The crypto stocks market has seen some interesting developments this week. The best “losing” stock has an 8.24% deficit, courtesy of hardware manufacturer Canaan Creative. However, the bigger losses are noted by Coinbase Global – down another 21.8% – as well as Marathon Digital Holdings – mining company, -25.34% – and Galaxy Digital Holdings, down nearly 30%.
Particularly the loss of Coinbase is problematic, as going public has done the popular exchange no favors. Additionally, the company will lay off employees and rescind earlier accepted job offers, signaling a potential financial issue. Users should withdraw funds from centralized platforms at all times, as there are good self-custody options on the market today.
Other crypto stocks sliding backward include Bakkt, Riot Blockchain, MicroStrategy, and Hut 8. It has not been a good week for these companies, even though none of them has plans to rescind its commitment to bitcoin and cryptocurrency. However, such losses cannot continue to pile up, and something needs to change in the coming weeks.
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