Crypto-Related Stocks Are Moving Lower Thursday: What's Going On?

Several crypto-related stocks including Coinbase Global Inc COIN, Marathon Digital Holdings Inc MARA and Riot Platforms Inc RIOT are trading lower Thursday, pulling back from a recent rally alongside the price of Bitcoin BTC/USD.

What's Going On: Bitcoin and the broader crypto market appear to be taking a breather following a recent surge in prices in anticipation of potential spot Bitcoin ETF approval. Many analysts expect approval to come in the first couple weeks of 2024. 

The crypto market has also gotten a boost from the Federal Reserve, which set the stage for potential rate cuts next year at its most recent meeting. 

It's worth noting that Ark Invest's Cathie Wood shook up her crypto exposure on Wednesday and notably sold a significant amount of her Coinbase position. Coinbase shares are up more than 400% year-to-date, but were down about 2% Thursday morning. Coinbase is the leading cryptocurrency exchange platform in the United States. 

Marathon Digital is engaged in mining digital assets. The company is focused on the Bitcoin ecosystem. The stock was down about 5% at publication time after rallying approximately 160% over the last month. 

Riot Blockchain is focused on building, supporting and operating blockchain technologies with a vision to become the leading Bitcoin-driven infrastructure platform. Shares were down about 1% Thursday morning after rising nearly 50% over the last month. 

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$BTC Price Action: Bitcoin is up approximately 14% over the last month. It was down 0.43% over a 24-hour period at $42,821 at the time of writing, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.