Crypto Stocks, Bitcoin Miners Sell-Off as Profit-Taking Caps Explosive Year-End
Cryptocurrency-related companies in the U.S. experienced a significant sell-off on the last trading day of 2023, with investors taking profits after a year of substantial gains. Coinbase's shares fell by 8%, while MicroStrategy, which holds nearly $6 billion in Bitcoin, saw its shares drop by around 7%. Bitcoin miners Marathon Digital Holdings and Riot Platforms experienced losses over 10%, and smaller miners CleanSpark and Hut 8 fell nearly 20%. The sell-off may have been influenced by investors securing profits for 2023, following a year of strong performance for the asset class. Despite the sell-off, Bitcoin was still up 155% for the year, trading slightly below $42,000. Crypto stocks saw even larger gains throughout the year, with Coinbase's shares increasing nearly 400% and miners' stocks multiplying several times over.
