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Crypto-Related Companies Follow Bitcoin's $47,000 Run

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Fri, 1/10/2021 - 14:24
Crypto-Related Companies Follow Bitcoin's $47,000 Run
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Bitcoin's pullback to $40,000 was not a pleasant occasion for either the cryptocurrency or crypto-adjacent markets. In addition to altcoins, crypto-related companies have also begun to follow Bitcoin since the listings of their stocks. Marathon Digital Holdings, Riot Blockchain and Bit Digital have all followed Bitcoin's moves on premarket trading. 

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Cryptocurrency's rally was supported by the aforementioned companies with an average 7% price increase. Currently, the "crypto stock gang" leader is Galaxy Digital Holdings Ltd. with 10% growth after opening.

While September was a notably worse month than August or May, the cryptocurrency has still managed to return around 26% in the third quarter. But at the same time, numerous digital assets-related companies, like Riot Blockchain, plunged by more than 30% in September, with its worst quarterly performance since 2019.

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One of the most popular companies among both stock and crypto investors - Coinbase - showed negative results in the last month with a 16% plunge throughout the month. The negative action on both stocks and cryptocurrency markets was followed by the restriction of all crypto-related transactions in China. Even though market participants' sentiment remained neutral, Bitcoin still faced major selling pressure, which also spread to related stocks and altcoins.

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Source: TradingView

Previously, Federal Reserve Chair Jerome Powell stated that he had no intention of banning cryptocurrencies or digital assets-related transactions. The crypto market took the news positively and reacted with overall 10% growth.

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