Crypto Stocks Rally As Bitcoin Climbs Back Above $80,000
Crypto stocks rallied in premarket trading as Bitcoin climbed back above $80,000. Coinbase, Strategy, and Canaan rose 4%; Hut 8, Riot Platforms, Bitfarms, and CleanSpark rose 2%; MARA Holdings rose 1%.
Bitcoin fell to $78,000 on Monday, marking a 27% decline from its all-time high, as crypto and stocks stretched their combined market cap losses to $6 trillion. The selling pressure is largely due to a growing correlation between the asset classes and a shift in investor sentiment toward a risk-off strategy.
The crypto market bled heavily on Monday, declining by 4% and pushing its market cap to $2.67 trillion — a low last seen on November 9. Over the past three months, the increased selling pressure has seen crypto assets shed $1.2 trillion in market cap since hitting a peak on December 17.
Bitcoin dipped to a multi-month low of $78,000 for the first time since November, marking a 27% decline since reaching an all-time high of $107,000 in January.
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