Bitcoin-related stocks such as miners fall – taking profits after a year of significant gains | CoinDesk JAPAN

On the morning of December 29, the last trading day of 2023, crypto asset (virtual currency) related stocks fell sharply. This is because investors took profits following the explosive rise in 2023.

Shares of cryptocurrency exchange Coinbase fell 8% on Wednesday morning, and shares of MicroStrategy, which holds nearly $6 billion in Bitcoin, fell nearly 7%.

Bitcoin miners Marathon Digital Holdings and Riot Platforms fell further by more than 10%. CleanSpark and Hut 8 also fell nearly 20%.

The decline appears to have been fueled by investors looking to lock in profits from an explosive year for Bitcoin (BTC) in 2023.

Ahead of the expected approval of a Bitcoin spot ETF in January next year, Bitcoin is hovering around $42,000, below the 2023 high of about $45,000 hit in early December.

Crypto-asset related stocks rose more than Bitcoin in 2023, with Coinbase stock rising about 400% and Miner stock rising several times.

｜Translation/Editing: CoinDesk JAPAN Editorial Department
｜Image: CoinDesk