Bitcoin (BTC-USD), ethereum (ETH-USD) and most cryptocurrencies on Tuesday are rising, but most stocks with exposure in the space are trading in the red - a relatively rare dynamic.
Looking at intraday price action, bitcoin (BTC-USD +2.7%) is rebounding slightly to $38.5K and ether (ETH-USD +4.5%) climbs to $2.7K. On the other hand, crypto-focused stocks Marathon Digital (MARA -1.5%), Riot Blockchain (RIOT -0.7%), HIVE Blockchain (HIVE -1.1%), Bit Digital (BTBT -1.6%) and Hut 8 Mining (HUT -1.2%), Bakkt (BKKT +1.1%), Net Savings Link (OTCPK:NSAV -2.2%) and Silvergate Capital (SI -1.0%) all decline.
Narrowing down the focus to bitcoin's (BTC-USD) three-month chart, a "Bullish Inverse Head and shoulders bottom forming," Will Meade, a former hedge fund portfolio manager, wrote in a Twitter post. "Good risk reward entry here with stop at $34K," he added. Fundamentally, it appears that crypto speculators are broadly becoming risk-averse as they price in tighter monetary policy this year, geopolitical tensions and elevated U.S. equity volatility. The global crypto market cap has been trending in a four-month cyclical decline, recently standing at $1.74T.
For crypto-specific news, shiba inu (SHIB-USD +9.2%) tokens gain as it plans to launch 99K plots of land in its metaverse dubbed Shiberse, the project behind the coin said at an event Tuesday.
Other virtual currencies: binance coin (BNB-USD +4.5%), ripple (XRP-USD +4.7%), cardano (ADA-USD +7.4%), solana (SOL-USD +7.0%), terra (LUNA-USD +14.4%) and avalanche (AVAX-USD +11.2%).
Earlier, crypto hedge funds struggled the most among peers in January.
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