Crypto-associated stocks hammered as COIN and HOOD drop to record lows

Crypto-associated stocks hammered as COIN and HOOD drop to record lows


Bad news continues to dominate crypto media headlines and May 12’s juiciest tidbit was the unexpected collapse of the Terra ecosystem. In addition to the weakness seen in equities, listed companies with exposure to blockchain startups and cryptocurrency mining have also declined sharply.

Bitcoin mining stocks continue bleeding…

Mining investors probably wish they had simply bought bitcoin instead at the beginning of 2022, as most bitcoin mining stocks have underperformed bitcoin by a wide margin. pic.twitter.com/anSoUEoUJ1

— Jaran Mellerud (@JMellerud) May 11, 2022

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While it may be easy to blame the current pullback solely on Terra’s implosion, the truth is that the price of Bitcoin mining stocks has largely mirrored the performance of BTC since reaching a peak in November 2020.

BTC/USDT vs. RIOT, HUT, MARA and BITF .1-day

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