Crypto-associated stocks hammered as COIN and HOOD drop to record lows By Cointelegraph

BTC Marching Towards $40K Levels After The $28K Dip
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Crypto-associated stocks hammered as COIN and HOOD drop to record lows

Bad news continues to dominate crypto media headlines and May 12’s juiciest tidbit was the unexpected collapse of the ecosystem. In addition to the weakness seen in equities, listed companies with exposure to blockchain startups and cryptocurrency mining have also declined sharply.

While it may be easy to blame the current pullback solely on Terra’s implosion, the truth is that the price of mining stocks has largely mirrored the performance of BTC since reaching a peak in November 2020.

BTC/USDT vs. RIOT, HUT, MARA and BITF .1-day chart. Source: TradingView
COIN price 4-hour chart. Source: TradingView
NASDAQ composite 1-day chart. Source: TradingView