Bitcoin’s pullback to $ 40,000 was not a pleasant opportunity for either the cryptocurrency markets or the markets adjacent to the crypto. 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 tracked Bitcoin’s movements on pre-market exchanges.
Cryptocurrency’s rally was supported by the aforementioned companies with an average 7% price increase. Currently, the leader of the “crypto-stock gang” is Galaxy Digital Holdings Ltd. with a growth of 10% after its 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, many digital asset-related companies, like Riot Blockchain, plunged more than 30% in September, with their worst quarterly performance since 2019.
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. Negative action in the equity 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.
Previously, Federal Reserve Chairman Jerome Powell had said he had no plans to ban cryptocurrencies or transactions related to digital assets. The crypto market took the news positively and reacted with overall 10% growth.
