Cryptocurrency-Related Stocks Fall as Bitcoin Takes a Breather (Cryptocurrency: BTC-USD)

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Cryptocurrency-related stocks fell in late Monday morning trading as Bitcoin (BTC-USD) continued to trade sideways after a strong rebound.

Companies whose primary business is mining Bitcoin (BTC-USD) saw their stocks fall, including Riot Platforms (RIOT) -2.9%Marathon Digital (MARA) -2.6%nuclear science (OTCPK:CORZQ) -4%Hut 8 Mining (HUT) -5.1% and HIVE Digital Technologies (BEEHIVE) -5.8%. Other crypto-exposed stocks: MicroStrategy (MSTR) -0.6%Coinbase Global (COIN) -0.3% and Galaxy Digital (OTCPK:BRPHF) -2.7%.

The first ever crypto Edge (BTC-USD). decreased by 0.5% The price rose to $36.9,000 at 11:35 a.m. ET, after rising to nearly $38,000 on Thursday on growing optimism about a U.S. spot Bitcoin ETF being approved.

“Securing SEC approval would likely attract significant investment from traditional finance and usher in a new influx of investors who could strengthen and elevate digital assets to a more recognized asset class,” said Matteo Greco, research analyst at the digital investment firm Assets and Fintech Fineqia International.

“Conversely, rejection would likely trigger a short-term downturn as prevailing expectations favor approval and market participants’ subsequent positioning is heavily influenced by this expectation,” he added.

Meanwhile, Ethereum (ETH-USD) continued its rally and pushed ahead increased by 2.2% to $2,09,000. Potential drivers of the rally include BlackRock’s (BLK) confirmed plans to create an ETF that holds the largest altcoin.

According to CoinMarketCap data, the global crypto market value increased by 0.3% to $1.42 trillion at the time of writing.

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