Crypto Stocks Sink as Bitcoin Slump Persists Despite New ETFs
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Popular crypto stocks like MicroStrategy, Tesla, and Coinbase have continued to slide as Bitcoin's price plunges despite the launch of spot crypto ETFs.
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These stocks allow investors exposure to crypto without buying digital assets directly, but are hurt when Bitcoin's price drops.
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MicroStrategy is down 25% in the past month, Tesla 19%, and Coinbase 29% as Bitcoin struggles in early 2023.
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Bitcoin mining stocks like Hut and Riot Platforms, which are big public Bitcoin holders, have fallen even further over the past month.
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Analysts disagree on whether the launch of Bitcoin ETFs will reverse its declining price, but the asset and related equities continue to suffer for now.