Coinbase and Circle shares have fallen 69 percent and 72 percent, respectively, from record highs, posting bigger declines than major big tech stocks.
Cointelegraph reported on June 27 that crypto-related stocks are underperforming the broader U.S. stock market.
Bitcoin fell below $60,000 this week, further worsening investor sentiment. Bitcoin is down more than 54 percent from its peak in October last year. Ethereum has also slid to around $1,500 recently, about 69 percent below last year’s peak.
21Shares pointed to the four-year cycle as still a key variable driving the bitcoin price. It said growing institutional holdings have softened bitcoin’s decline but have not changed the cyclical price pattern itself.
The bear market has also affected corporate results. Coinbase’s first-quarter revenue fell 21 percent from the previous quarter, and it posted a loss of $1.49 per share.
Chi-kyu Hwang
delight@d-today.co.kr