Bitcoin price pauses following two-day rise
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Bitcoin’s price rise paused Wednesday morning after gains in the prior session.
Heading into Wednesday, bitcoin had been on a two-day winning streak.
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During those two days, bitcoin gained more than 2%.
Illustration of bitcoins. (iStock / iStock)
The cryptocurrency is down more than 9% month-to-date and off more than 10% year-to-date.
While cryptocurrencies have been down this year, they are still down less than crypto-related stocks.
In addition to bitcoin being down, ether is down 16%. As of Monday, the entire crypto market had fallen about 19%, according to data from CoinMarketCap, and reported by the Wall Street Journal.
Stocks of publicly traded, crypto-related companies have fallen as much as 60% so far this year, according to FactSet.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COIN | COINBASE GLOBAL INC. | 151.27 | +6.11 | +4.21% |
| SI | SILVERGATE CAPITAL | 131.67 | +15.36 | +13.21% |
| MARA | MARATHON DIGITAL | 21.50 | +0.60 | +2.87% |
| RIOT | RIOT BLOCKCHAIN | 14.88 | +0.09 | +0.61% |
| WULF | TERAWULF | 5.83 | -0.15 | -2.51% |
The largest U.S. exchange, Coinbase Global Inc., is down 40% year-to-date. Silvergate Capital Corp. is down 11%. Marathon Digital Holdings Inc. is down 35%. Riot Blockchain Inc. is down 33%. TeraWulf Inc., a Bitcoin-mining company, is down 61%.
On Monday, Coinbase closed at $145.16, the lowest price since its public debut in April 2021.
For Coinbase, the issue is trading volume has fallen sharply and that is where it derives a good amount of its revenue.
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Technology stocks have been impacted since the Federal Reserve and other central banks signaled a rise in interest rates. The higher rates make riskier investments less attractive.