Crypto stocks cool by market close but stay in the green

Most crypto stocks, with the exception of MicroStrategy, cooled down a bit as trading continued into the afternoon

October 24, 2023 04:12 pm

Pan Xunbin/Shutterstock modified by Blockworks

Following a red hot morning of trading on Tuesday, some US crypto stocks lost some of their earlier gains throughout the afternoon.

Coinbase for instance, which bounced as high as 14% Tuesday, settled at just over $82 a share. Even so, this still represents a more than 6% increase on the day.

The catalyst for all these stock jumps, bitcoin (BTC) itself, dipped from its $35,000 peak on early Tuesday morning to around $33,800 at the time of writing.

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Mining companies, the firms with the most to lose and the most to gain on the back of the digital asset, retreated along with bitcoin but stayed in the green.

One miner that climbed as much as 20% on Tuesday — Marathon Digital — closed over 11% up. CleanSpark performed similarly to Marathon, ending the day with a resounding 10.46% surge.

Argo Blockchain had the most consistent and strongest price growth of the day, rising over 26% by around 4 pm ET.

Single digit gainers included Bitdeer, Hut 8, Hive Digital Technologies, Bitfarms and TeraWulf.

Core Scientific was the outlier among mining companies, as their stock had a much smaller response to bitcoin surging past $34,000.

Of course, Core Scientific has still yet to emerge from bankruptcy, with a disclosure statement hearing scheduled for Nov. 14, 2023.

MicroStrategy, though, stayed strong. By the stock market close, the top US corporate holder of bitcoin was in the green by over 12%.

It still remains to be seen whether this bitcoin surge is the start of an era dominated by bullishness or simply a blip caused by frenzied speculation on social media about a spot bitcoin ETF.

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