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3 Crypto Stocks to Sell in Bear Markets
Crypto stocks are seeing outflows this week due to declining market sentiment triggered by a correction in crypto tokens and an overall bearish outlook. Crypto stocks are assets whose values are influenced by Bitcoin, altcoins, or blockchain technology. As the stock market continues to move sideways, crypto stocks struggle to perform in the first quarter of 2024.
These outflows are linked to a decline in sentiment in the market coupled with macroeconomic factors. The cryptocurrency market capitalization stands at $2.54, down 0.1% in the last 24 hours, while the price of Bitcoin recorded gains of 0.36% with a trading value of $67,754. The leading crypto asset saw weekly outflows of nearly 2% reducing its monthly gains.
Amid the decline in the price of crypto stocks and digital assets, users are looking to sell certain short-term assets. Here are three crypto stocks to sell amid bearish market sentiment.
MicroStrategy (MSTR)
MicroStrategy was on the wrong side of the market today recording outflows of 1%. Similar positions were also found in the last seven days. Recent movements place the asset among the crypto stocks to sell in the short term. MSTR’s long-term performance remains bullish with growth of 34% this month and a massive 122% this year.
MicroStrategy doubled its Bitcoin holdings to own 214,400 BTC, for a total of 1% of the circulating supply. This saw the massive price surge as Bitcoin rose to an all-time high above $73,000 this year.
Currency base (COIN)
Digital asset exchange Coinbase fell 3.75% today as crypto stocks traded poorly this week. The decline in the asset is due to reduced market activity such as transaction volumes and price volatility. Like MicroStrategy, Coinbase had a bullish first quarter of 2024 leading to positive earnings. However, short-term outflows over the past couple of days have led to a bearish attitude.
Digital Marathon (MARA)
Bitcoin miners are also affected by the decline in crypto stocks due to the slight market correction of the asset. Mining stocks are closely linked to the price of the asset due to the reserves held by these companies. The Bitcoin halving event saw miners reposition their holdings leading to major price swings.
Read also: The 5 best stablecoins to start your cryptocurrency investment in June 2024
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David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for personal financial loss.