Crypto Stocks Recover as Bitcoin Pares Losses
Shares of cryptocurrency stocks including Coinbase Global (COIN) and MicroStrategy (MSTR) were on the rise Monday as the price of bitcoin (BTCUSD) recovered from a Friday drop.
The cryptocurrency traded above $56,000 Monday afternoon after dropping to about $52,600 on Friday. Its price is still below its nearly $58,000 level on Wednesday. The fluctuations have taken stocks tied to the cryptocurrency sector along for the ride.
Shares of Coinbase, the cryptocurrency exchange operator, had improved 4% by Monday afternoon, while MicroStrategy, a software company with sizable Bitcoin holdings, surged 8%. Like Bitcoin, however, they haven’t returned to last week’s levels.
The share prices of Cleanspark (CLSK) and Marathon Digital (MARA), which mine Bitcoin, tell a similar story. Cleanspark has added 5% Monday afternoon, and Marathon Digital's price has increased by 9%.
Bitcoin’s recent struggles could be a sign of investors shying away from riskier assets after a weaker-than-expected August jobs report came out Friday, sparking renewed fears of an economic slowdown.
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