NASDAQ, S&P 500 Stocks Dip as Crypto Stocks Gain 14%

Following Bitcoin's seeming resurgence in the past 48 hours, crypto stocks are also picking up the pace. Despite the general bearish sentiment, there seems to be a plot twist playing out in the stock market. Recent market performance shows S&P 500 and NASDAQ stocks sliding behind crypto-related stocks such as Coinbase (COIN) and Hut 8 (HUT). NASDAQ went down by a small extent, while S&P 500 dipped by 0.2%. However, the reverse was the case for stocks related to crypto…

Crypto-Related Stocks Indicate the Crypto Market Is Bearish

The crypto market is caught up in a bearish trend, according to analyst and economist Caleb Franzen. He said this in a tweetstorm earlier today, citing the poor performance of crypto-related equities. Franzen highlighted the performance of leading crypto-connected stocks, starting with MicroStrategy’s MSTR. According to him, MSTR is down 83% from its all-time high (ATH) and has lost 58% of its value year-to-date. Franzen also shone a light on Silvergate Capital’s stock, SI, which is down 64% from its…