Crypto-Driven Stock Trends: Retail’s Take On Monday’s Market Buzz
By Stocktwits Inc | First Published Dec 3, 2024, 1:14 AM ISTCrypto-linked stocks tumbled on Monday tracking the slide in Bitcoin’s price, but cryptocurrency exchanges were in the green after Wall Street upgrades.
Bitcoin ($BTC.X) was slipping on Monday as prices seemed to have stalled at the $96,000 mark, leading to a drop in Bitcoin-linked stocks despite plans to expand their Bitcoin treasuries.
While most analysts believe the incoming administration will likely ease regulations around digital assets, President-elect Donald Trump isn’t set to take office until Jan. 20 next year.
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And even then, he’s indicated that his priorities will be tariffs and addressing geopolitical uncertainties.
Cryptocurrency exchanges, on the other hand, were having a better day on upgrades from Wall Street.
While the broader crypto market was in the red, Ripple ($XRP.X) has gained nearly 40% in the last 24 hours and overtook Tether ($USDT.X) as the third largest cryptocurrency by market cap.
Coinbase Global Inc. ($COIN)
Coinbase's shares jumped over 2% on Monday after the cryptocurrency exchange received a double upgrade from Goldman Sachs.
The brokerage believes that the incoming crypto-friendly administration, led by Trump, will result in more favorable regulations for the industry.
Retail sentiment around the stock flipped to ‘bullish’ (58/100) from ‘bearish’ a day ago even though message volume remained ‘low’.
The stock has gained more than 93% so far this year, behind Bitcoin’s 127% jump.
Robinhood ($HOOD)
Shares of Robinhood gained over 1% in early morning trading on Monday after Goldman Sachs raised its price target to $40 from $25, keeping a ‘Neutral’ rating on the stock.
Retail sentiment was also in the ‘neutral’ (51/100) territory, albeit a marginal improvement over ‘bearish’ a day ago.
Robinhood has seen a slew of upgrades from Wall Street after Trump’s victory in 2024 election with analysts expecting the exchange to broaden its offerings and be under less scrutiny under a new SEC chair.
The stock has more than doubled in value this year, with 50% of that jump recorded post Nov. 5.
Marathon Holdings ($MARA)
Shares of Marathon Holdings were down nearly 8% in mid-day trading on Monday after the blockchain computing company announced plans to raise $805 million via convertible notes to buy more Bitcoin for its treasuries.
Despite the tumble in share price, retail sentiment around the stock flipped to ‘bullish’ (66/100) from ‘bearish’ a day ago.
According to the company's statement, some funds will also be used for debt reduction.
The second-largest corporate holder of Bitcoin currently has 34,794 of the cryptocurrency valued at approximately $9.2 billion, higher than its market capitalization of $8.8 billion.
While Marathon Holdings’ stock has gained 9.6% so far this year, it has underperformed other Bitcoin-linked companies and the broader market.
Microstrategy Inc. ($MSTR)
Shares of Michael Saylor-owned Microstrategy were also down by over 2% in mid-day trading on Monday after the company announced another Bitcoin buy.
The dip is hardly a dent in the stock’s overall gains of 456% year-to-date.
Microstrategy disclosed that it had acquired approximately 15,400 Bitcoin for $1.5 billion at an average price of roughly $95,976 per Bitcoin.
The firm now has 402,100 Bitcoin with an estimated value of $82.7 billion, which accounts for most of its market capitalization of $89.6 billion.
Bitfarms ($BITF)
Bitfarms’ stock was down over 6% in mid-day trading on Monday after the company reported a drop in Bitcoin mining output.
The Bitcoin miner disclosed a 12% decline from 236 BTC generated in October to 204 BTC in November.
Despite the stock’s dip, retail sentiment improved to ‘neutral’ (50/100) from ‘bearish’ a day ago.
So far this year, Bitfarms’ shares have lost 25% of their value.
Core Scientific ($CORZ)
Shares of Core Scientific fell over 10% after the company announced plans to conduct a private offering of $500 million in convertible senior notes.
Core Scientific, which specializes in digital infrastructure for Bitcoin mining and high-performance computing, plans to use the funds “for general corporate purposes, including working capital, operating expenses, capital expenditures, acquisitions of complementary businesses, or repurchases of its securities,” according to a statement.
Retail sentiment around the stock surged to ‘bullish’ (63/100) from ‘bearish’ despite the share price dip.
The stock has surged 357% year-to-date, outpacing even Bitcoin's impressive gains.
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