Bitcoin and Finance Stocks Diverge: Crypto Falls as Traditional Firms Inch Up
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Bitcoin and crypto-linked stocks like Marathon Digital, Riot Platforms, and Coinbase saw big drops this past week as bitcoin prices retreated.
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Jamie Dimon of JPMorgan Chase advised clients not to invest in bitcoin or bitcoin spot ETFs.
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Traditional financial stocks represented by the Financial Select Sector SPDR ETF edged up 0.7% last week.
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Top decliners were Marathon Digital, Riot Platforms, HDFC Bank, Discover Financial Services, and Coinbase - all falling over 10%.
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Top gainers included Grupo Financiero Galicia, Travelers Companies, Hamilton Lane, PayPal Holdings, and White Mountains Insurance.