NASDAQ, S&P 500 Stocks Dip as Crypto Stocks Gain 14%
Following Bitcoin’s seeming resurgence in the past 48 hours, crypto stocks are also picking up the pace. Despite the general bearish sentiment, there seems to be a plot twist playing out in the stock market. Recent market performance shows S&P 500 and NASDAQ stocks sliding behind crypto-related stocks such as Coinbase (COIN) and Hut 8 (HUT). NASDAQ went down by a small extent, while S&P 500 dipped by 0.2%. However, the reverse was the case for stocks related to crypto and digital asset companies as Bitcoin (BTC) traded above $19,000. Coinbase (COIN) gained almost 5%, while Hut 8 (HUT) rose by 9%. Silvergate (SI), MicroStrategy (MSTR), and Marathon Digital (MARA) grew by 3%, 4.8%, and 14% respectively. Furthermore, the market cap of the top 10 largest cryptocurrencies increased by 10 – 20% in the last 7 days. CEO of FRNT Financial, Stephane Ouellette described this performance as surprising and attributed the price movement to the short interests of equities. At writing, B