Across-the-Board Crypto Stock Declines Erode Earlier Profit Streaks

Although spot bitcoin exchange-traded funds saw substantial trading activity on Thursday and Friday, publicly-listed crypto companies faced a different fate, with several equities experiencing significant losses when the market closed on Friday. For instance, Marathon Digital Holdings’ shares plummeted by over 15%, while Coinbase Global’s stock registered a loss of more than 7% during trading sessions before the weekend.

Extensive Range of Publicly-Listed Crypto Firms Grapple With Share Declines

The 11 spot bitcoin exchange-traded funds (ETFs) have collectively achieved $7.65 billion in trading volume since their listing. However, despite the strong trading activity, bitcoin’s spot market value experienced a 7% decline against the U.S. dollar during Friday’s trading sessions.

Additionally, publicly-listed cryptocurrency companies also faced losses, with numerous firms’ shares delivering lackluster performances on Jan. 12th. On Friday, Coinbase (Nasdaq: COIN)) experienced a 7.35% decline, while Canaan (Nasdaq: CAN) faced an 8.92% drop against the U.S. dollar.

Jack Dorsey’s Block Inc. (Nasdaq: SQ) also saw a moderate 2% decrease, whereas Michael Saylor’s Microstrategy Inc. (Nasdaq: MSTR) took a substantial hit with a 9.45% loss. Despite the strong trading volumes, the new ETFs also struggled against the greenback during Friday’s trading sessions.

Bitwise’s BITB witnessed a decline of 6.19%, while the Fidelity Wise Origin Bitcoin Fund (FBTC) experienced a similar 6.19% loss as well. Additionally, Blackrock’s IBIT registered a 6.23% decrease, and Valkyrie’s BRRR saw a 6.17% dip in value.

Publicly listed bitcoin miners faced substantial losses, with Marathon (Nasdaq: MARA) witnessing a significant 15.27% decline and Bitfarms (Nasdaq: BITF) experiencing a 6.15% reduction in value. Bit Digital (Nasdaq: BTBT) also struggled, recording a 7.59% loss against the dollar, while Iris Energy (Nasdaq: IREN) bore the brunt of a 14.74% hit to its valuation.

Cleanspark (Nasdaq: CLSK) didn’t fare well either losing 12.10% on Friday. In retrospect, it proved to be a challenging day for publicly-listed crypto firms and bitcoin, as noticeable losses were evident throughout.

Although the 24-hour statistics may appear lackluster, a deeper analysis of the six-month and twelve-month market data unveils a contrasting narrative, with the majority of the mentioned companies achieving double to triple-digit gains in the past year.

What do you think about the crypto company stocks that saw losses on Friday? Do you expect the market to rebound? Share your thoughts and opinions about this subject in the comments section below.