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The US stock market reached new highs, but encryption concept stocks collectively experienced a pullback.
On December 24, the interesting aspect of the US stock market is that while the major indices steadily rose, with the Dow up 0.16%, the Nasdaq up 0.57%, and the S&P 500 index rising 0.45% to set a new closing high, the encryption concept stocks, on the other hand, were all in the red, showing a clear divergence.
The performance of several leading encryption companies is the most eye-catching. The largest compliant platform in the U.S. (COIN) fell by 2.26%, the stablecoin operator (CRCL) saw a deeper decline of 4.91%, while the company known for bottom fishing BTC (MSTR) dropped by 3.92%. Exchange concept stocks also didn't escape, with (BLSH) falling by 6.26% and (GEMI) by 5.54%.
The mining sector is also under great pressure - (BMNR) down 4.21%, (BTBT) down 4.52%. Gaming and other encryption-related concepts are also adjusting, (SBET) down 3.45%, (ALTS) down 5.69%, (ABTC) down 4.62%. Among them, (ETHZ) has the most outrageous decline, plummeting 15.08%, almost halving its value.
Overall, the phenomenon of a hot market and cold sectors may reflect the market's cautious attitude towards the encryption track in the short term.
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The market hits a new high while crypto stocks plunge. What does that mean? It indicates that the market is re-pricing, and those who understand, understand.
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Don't miss this opportunity, everyone. If you're still hesitating about the decline, it's like questioning the internet back in the day.
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What does a 2-point drop in COIN mean? I focus on the sector position over the next five years. This is the chance to get on board.
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Three points of view: First, the pullback is normal; second, the bottom has appeared; third, it's time to bottom fish. The key is to seize the opportunity first.
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Strange, why does the market perform well while crypto moves inversely? I think there might be a deeper logic behind it...
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Mining stocks have fallen so much, yet no one understands what a high ground really is. I started positioning in this sector five years ago.
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Time waits for no one. Miss this wave, and you'll have to wait another three to five years.
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A decline is the right move. It shakes out all retail investors' mentality. The genuine institutional funds are only now entering.
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Honestly, I don't quite understand why exchange stocks are so fragile, but this instead proves that my judgment on the future of blockchain is correct.
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COIN is falling so hard, yet they still dare to call it compliant. That's funny.
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Still harvesting the little guys, as always.
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MSTR is bottom-fishing so much that it’s lost even its pants, haha.
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The mining industry is so miserable. Are there still people holding on, friends?
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So, the key still depends on BTC's movement. These concept stocks follow the trend most aggressively.
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The Nasdaq has risen, but cryptocurrencies are falling. What's the logic here, everyone?
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Before Christmas Eve, let's take a wave of profit-taking and prepare for the New Year market.
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Even with such a drop, I actually want to buy the dip, but I just don't have the money.
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It feels like crypto stocks are being abandoned by the mainstream market. Is that true?
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BLSH dropped 6 points. What signal is that sending?
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Where is the promised bull market? Why does it feel like a bear is coming again?
COIN has fallen this much, and even Compliance can't save it?
MSTR buying the dip has resulted in losses, haha.
The mining industry really can't hold up this wave, why does it feel like it's been crashing down since the peak?
Stablecoin has also fallen over 4, outrageous.
The market has reached a new high while the crypto world is at a new low, two different worlds, everyone.
BLSH has dropped by 6 points? I'm feeling a bit cowardly.
Is there no concept stock that can hold up?
The curse before Christmas?
Is the whipsaw about to start again, or are institutions quietly changing hands?
MSTR has fallen, how does the queen of ARK see this wave? It feels a bit off.
Is it a show to play people for suckers before Christmas?
What does a 2.26% fall in COIN mean? CRCL directly plummeted by 4.91%. Is this closing all positions or a Rug Pull? The technical aspect has already broken.
I remember just a few days ago there were people rushing into MSTR, and now looking back, there's a direct loss of 3.92%. This is the price of chasing the price, brother.
The mining zone can't hold on anymore, and BTBT falling by 4.52% is no surprise at all; it should have bottomed out long ago. However, this wave of decline feels like it hasn't fully released.