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Analyst: The year-end plunge in cryptocurrency equities was a "healthy" retreat.
Notice: This article originally said that the stocks fell on the first trading day of 2024 rather than the last trading day of 2023.
Significant stocks linked to cryptocurrencies and Bitcoin mining, which fell as much as 17% on the final day of trading in 2023, were only a part of a "healthy pullback," according to a Bitcoin analyst.
The daytime hours were the worst for Bitcoin mining companies, according to Google Finance. On December 29, shares of Riot Platforms (RIOT) dropped 12.1% to $15.5 and Marathon Digital Holdings (MARA) sank 16.6% to $23.5.
Hive Digital Technologies (HIVE) and Hut 8 Corp (HUT) saw declines of 15.1% and 17.3% respectively.
HUT's stock value on December 29, 2022. Source: Google Finance The business intelligence company MicroStrategy (MSTR), which is thought of as a stand-in for Bitcoin, dropped 5.4% to $631.6.
Coinbase (COIN) shares, which saw a 400% rise in 2023, dropped 6.6% to $173.9 and 1.25 percent more to $171.7 in after-hours trading.
In a note to Cointelegraph, Mitchell Askew, lead analyst at Bitcoin mining company Blockware Solutions, characterised the market decline as a "healthy pull back."
"Even though the price of bitcoin remained unchanged at $43,000 in December, [bitcoin mining companies] were overextended compared to their prior 2023 highs," Askew continued.
Related: A report identifies Marathon and Riot as the most overvalued Bitcoin mining stocks.
A similar opinion was expressed by Markus Thielen, chief of research at cryptocurrency financial services company Matrixport:
Investor worries about how the April Bitcoin halving event will affect the companies' balance sheets may have contributed to the sharp decline in share prices of Bitcoin mining companies, according to Askew.
However, he claimed that most of such worries were "unsubstantiated."
He said that public miners would not experience any problems during the halving because they had the most effective ASICs and the lowest power expenses.
According to nsquaredcrypto, while Bitcoin climbed by 152% to $42,325 in 2023, it was surpassed by at least 15 stocks related to cryptocurrencies.
In 2023, MARA exhibited exceptional performance among stocks tied to cryptocurrencies, rising by around 600%.
Notice: This article originally said that the stocks fell on the first trading day of 2024 rather than the last trading day of 2023.
Significant stocks linked to cryptocurrencies and Bitcoin mining, which fell as much as 17% on the final day of trading in 2023, were only a part of a "healthy pullback," according to a Bitcoin analyst.
The daytime hours were the worst for Bitcoin mining companies, according to Google Finance. On December 29, shares of Riot Platforms (RIOT) dropped 12.1% to $15.5 and Marathon Digital Holdings (MARA) sank 16.6% to $23.5.
Hive Digital Technologies (HIVE) and Hut 8 Corp (HUT) saw declines of 15.1% and 17.3% respectively.
HUT's stock value on December 29, 2022. Source: Google Finance The business intelligence company MicroStrategy (MSTR), which is thought of as a stand-in for Bitcoin, dropped 5.4% to $631.6.
Coinbase (COIN) shares, which saw a 400% rise in 2023, dropped 6.6% to $173.9 and 1.25 percent more to $171.7 in after-hours trading.
In a note to Cointelegraph, Mitchell Askew, lead analyst at Bitcoin mining company Blockware Solutions, characterised the market decline as a "healthy pull back."
"Even though the price of bitcoin remained unchanged at $43,000 in December, [bitcoin mining companies] were overextended compared to their prior 2023 highs," Askew continued.
Related: A report identifies Marathon and Riot as the most overvalued Bitcoin mining stocks.
A similar opinion was expressed by Markus Thielen, chief of research at cryptocurrency financial services company Matrixport:
Investor worries about how the April Bitcoin halving event will affect the companies' balance sheets may have contributed to the sharp decline in share prices of Bitcoin mining companies, according to Askew.
However, he claimed that most of such worries were "unsubstantiated."
He said that public miners would not experience any problems during the halving because they had the most effective ASICs and the lowest power expenses.
According to nsquaredcrypto, while Bitcoin climbed by 152% to $42,325 in 2023, it was surpassed by at least 15 stocks related to cryptocurrencies.
In 2023, MARA exhibited exceptional performance among stocks tied to cryptocurrencies, rising by around 600%.
