[ad_1]
Coinbase has worst week of the year as crypto stocks plummet
Cryptocurrency exchange Coinbase just wrapped up its worst week of the year. Bitcoin miner Marathon Digital tumbled 20%. A basket of crypto-related equities tracked by Schwab fell to its lowest level since February.
The industrywide selloff reflected growing concerns about the health of the U.S. economy and tracked a broader decline in prices of bitcoin, ether and risky assets in general. The tech-heavy Nasdaq slid 5.8% for the week, its worst performance since January 2022.
In addition to macro pressures, the calendar is doing crypto no favors. According to CoinGlass, September is historically a difficult trading month for crypto assets, with bitcoin notching an average loss of 4.8%. The Crypto Fear & Greed Index, a gauge of crypto market sentiment, is firmly in the “Extreme Fear” zone, indicating that investors are worried about price moves.
Bitcoin slipped to its lowest level since February, falling 4% in the last 24 hours to around $54,000.
[ad_2]
Source link