Three crypto-linked companies have appeared on a list of 20 tech stocks that have fallen hard from their recent peaks.<\/p>\n
The three, Coinbase, Circle, and Robinhood, have respectively lost 56%, 44%, and 40% of their values, with market commentary account The Kobeissi Letter warning that it was a sign of a \u201cstealth\u201d bear market.<\/p>\n
Per The Kobeissi Letter\u2019s list<\/a>, the only companies worse hit than Coinbase were AppLovin and CoreWeave, with the former down 65% and the latter seeing 57% shaved off its stock price. Others included Oracle (-50%), SanDisk (-42%), and Seagate\u2019s STX shares, which had dipped 39%.<\/p>\n Those that have suffered the least were Google\u2019s parent company Alphabet, whose stock had gone down by 28%, IBM (-25%), Micron (-24%), and Mark Zuckerberg\u2019s Meta, which lost 22%.<\/p>\n According to an earlier analysis the Kobeissi Letter posted on October 15, the S&P 500\u2019s resilience has been hiding<\/a> widespread weakness among its constituents. It noted that 84% of index members were at least 10% below their all-time highs, while 59% had dropped by at least 20%.<\/p>\n Per the analysis, that split is because a small group of large tech companies was accounting for most of the index\u2019s gains, with just 10 stocks contributing 70% of the S&P 500\u2019s advance since its March 30 low when it fell below 6,400. However, the firm argued that this concentration could leave room for further gains if market participation increases.<\/p>\n \u201cThe reality is that the MAJORITY of S&P 500 components are, in fact, in a bear market,\u201d read the analysis. \u201cIn our view, for the S&P 500, this is in fact bullish, or at worst, does not matter for now,\u201d it added.<\/p>\n Despite the stock declines, Robinhood and Circle have been expanding their businesses, with the trading platform recently partnering<\/a> with Ripple in a deal that will cover the distribution of the latter\u2019s RLUSD stablecoin, as well as institutional settlement, treasury management, and financing.<\/p>\n Meanwhile, Circle has been building its own infrastructure, launching<\/a> the Arc blockchain in September with more than 100 institutional and crypto participants and using USDC for transaction fees.<\/p>\n However, Coinbase has had to deal with news that a security incident involving Amplitude, an analytics provider, had exposed some of its customers\u2019 contact information. The exchange has said<\/a> that its own systems were not breached and that it had not seen any evidence of unauthorized access.<\/p>\n Looking at the market, the exchange\u2019s COIN stock closed at around $162 on October 28, against a 52-week high of $361. Robinhood ended Wednesday\u2019s session well below its $150 peak, after a 3.3% drop took it near $91. On its part, Circle finished at $82, having barely moved, and was sitting below a yearly high of $140.<\/p>\n The post These 3 Crypto Stocks Now Sit on Tech\u2019s \u2018Stealth\u2019 Bear Market List<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Three crypto-linked companies have appeared on a list of 20 tech stocks that have fallen hard from their recent peaks. The three, Coinbase, Circle, and Robinhood, have respectively lost 56%, 44%, and 40% of their values, with market commentary account The Kobeissi Letter warning that it was a sign of a \u201cstealth\u201d bear market. Crypto […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-245519","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/245519"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=245519"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/245519\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=245519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=245519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=245519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Crypto Firms Face Different Business Pressures<\/h2>\n