Market Reaction: Cryptocurrency Stocks Decline Despite SEC’s Approval of Spot ETFs
On January 11, the Securities and Exchange Commission (SEC) gave its approval for spot exchange-traded funds (ETFs) in the cryptocurrency market. This decision was seen as a significant step towards increased mainstream adoption of cryptocurrencies. However, to the surprise of many, popular cryptocurrency-related companies such as Coinbase Global Inc., MicroStrategy Inc., Marathon Digital Holdings Inc., and Riot Platforms Inc. experienced a decline in their stock prices following the news.
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