Summary
Cryptocurrency equities fell as bitcoin and ether struggled, with Coinbase shares dropping. Q4 earnings season is average, with investors awaiting FOMC minutes for interest rate clues. Coinbase reported 41% revenue increase. Marathon Digital to report earnings soon. Bitcoin halving in April may boost demand.
Key Points
1. Cryptocurrency-related equities slipped Wednesday after the open as bitcoin and ether struggled to maintain recent momentum and investors whipsawed between risk-on and risk-off strategies ahead of the Federal Reserve Open Market Committee minutes release.
2. Bitcoin (BTC) and ether (ETH) were down around 2.5% and 4%, respectively, at time of publication. Coinbase shares tumbled 5% while mining operations Marathon Digital and Riot Platforms dipped 5.4% and 3%, respectively.
3. The S&P 500 and Nasdaq Composite Indexes also edged lower, losing around 0.3% and 0.7%, respectively. Earnings season is coming to a close — 79% of S&P 500 companies have already reported — and investors are parsing through what analysts say have been largely unremarkable reports.