Crypto Stocks and Bitcoin Miners Sell Off as Profit-Taking Caps Explosive End to Year

Shares‌ of U.S.-listed cryptocurrency-related companies sold ‌off heavily on Friday morning as investors took profits on the final trading day of ⁢the year after an explosive rally ⁣in 2023.

Shares of crypto exchange Coinbase (COIN), which has nearly⁢ $6 billion worth of Bitcoins in its vault, fell nearly 7% in ⁣the ⁢early hours of Friday.

Nasdaq Bitcoin miners Marathon Digital Holdings, Inc. (MARA) and Riot Platforms, Inc. (RIOT) suffered losses of over 10%. CleanSpark and Hut 8 are smaller⁢ public Bitcoin miners. Both fell​ by⁢ almost 20%.

Investors may⁤ have been ​motivated to sell by a desire to lock in profits in 2023. This would cap⁤ an explosive year of growth for this asset class, as Bitcoin’s price remained below⁢ its ‍yearly‍ highs‍ despite the expected ​approval of a spot-based ETF‌ in the US.

BTC changed hands at a price of just under $42,000 . This is⁢ lower than the local top ‌rate of nearly $45,000 recorded in early ​December, but is​ 155% higher this year.

Crypto stocks have continued to rise through 2023. Coinbase is up⁣ almost 400% while‌ miner stocks have multiplied many times over.