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Coinbase, Bitfarms among crypto-linked shares hit by Bitcoin price dip

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The global digital asset market printed red indexes on Monday as the biggest crypto like Bitcoin bitcoin (BTC) and Ethereum price dropped by more than 2%. The cumulative market cap dropped by over 3% over the last day to stand at $1.59 trillion. However, this decline can also be seen in the premarket trading market of crypto linked shares. Crypto shares join the price dip
As per the data, premarket trading, the US biggest crypto exchange Coinbase Global (NASDAQ: COIN) fell by 2.5%, while Blockchain farm operator Bitfarms Ltd (BITF.O) was down by 3.8%.
Crypto miners, including Riot Platforms (RIOT.O), Marathon Digital (MARA.O), Hut 8 (HUT.O), and Bit Digital (BTBT.O), recorded decreases ranging from 3.0% to 3.2%. While Software firm and Bitcoin buyer MicroStrategy (MSTR.O) saw a 2.1% decline. Bitcoin mining machine maker Canaan (CAN.O) witnessed a 5.6% drop.
It is important to note that newly launched cryptocurrency related exchange-traded funds (ETFs) also showed negative movements:
ProShares Bitcoin Strategy ETF (BITO.P) fell by 2.3%, ETFs tied to the spot price of bitcoin, such as iShares Bitcoin ETF (IBIT.O), Ark 21Shares (ARKB.N), and Grayscale Bitcoin ETF (GBTC.K), recorded declines ranging from 1.5% to 2.3%.
The decline in premarket trading is reflective of the broader challenges faced by the cryptocurrency market. Bitcoin saw a 2.1% decrease to $40,735.66 after three consecutive rising sessions, while Ether fell 4.3% to $2,379.6. Bitcoin faces major resistance
In a separate development, on-chain data revealed that Bitcoin miners have been actively selling their holdings, leading to a decline in their cumulative reserves from 1.84 million BTC on January 16 to 1.83 million BTC on January 22. This historic selling spree is observed amid the struggle of Bitcoin prices to sustain an upward momentum after the recent spot Bitcoin approval.
BitMEX co-founder Arthur Hayes shared a bearish sentiment on Bitcoin, anticipating a break below $40,000. Hayes cited perceived heaviness in BTC’s price and mentioned holding $35,000 strike puts with an expectation of further price decline until the U.S. Treasury quarterly refunding announcement on January 31. Hayes highlighted the potential impact of U.S. Treasury Secretary Janet Yellen’s remarks on BTC prices.
These developments underline the intricate dynamics and interconnectedness of various factors shaping the cryptocurrency market, requiring investors to navigate with caution.
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