Crypto and stocks pre-market diverged; mining stocks weakened while holding-coin stocks saw slight gains
Overnight, U.S. stock futures pre-market: mining stocks $MARA down about 6%, $RIOT down about 4%. Within the same sector, coin-holding stocks and exchange stocks didn’t fall as much; $COIN edged higher. Mining costs on the cost side move with hash rate, while coin-holding book value moves directly with the price of Bitcoin. Pre-market trading volume is relatively thin, and whether quoted prices can be sustained will depend on what happens after the market opens.
Overnight, U.S. stock futures pre-market: mining stocks $MARA down about 6%, $RIOT down about 4%. Within the same sector, coin-holding stocks and exchange stocks didn’t fall as much; $COIN edged higher. Mining costs on the cost side move with hash rate, while coin-holding book value moves directly with the price of Bitcoin. Pre-market trading volume is relatively thin, and whether quoted prices can be sustained will depend on what happens after the market opens.
