Crypto Stocks Correct Faster Than Coins, Netflix Tumbles 26%, Stepn Soars 50% In Week

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Last Updated on 20 April 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Bitcoin and Ether were able to recover from their Monday lows on Tuesday and continued to outperform Wednesday. Even the major stock markets had a not too bad start to the week. However, tech stocks, fintech stocks and, most importantly, crypto stocks have still fallen sharply for the year.

Crypto stocks are what Wall Street usually defines as trading platforms (think Gemini, Binance and Coinbase) and crypto mining companies (think Marathon Digital and Riot Blockchain).

Calculations show that the largest crypto stocks in the US have fallen about 60% so far this year.

Advertentie.

Federal Reserve

If you want to know exactly when the sell-off in tech and crypto stocks started, look no further than the timing of the Federal Reserve’s announcement that interest rates would rise. The fact that higher interest rates are coming means riskier investments are off the table for conservative hedge funds and most pension funds, starting a sell-off in tech stocks at the time.

It’s not all bad though. According to the Wall Street Journal, even Blackrock, the giant money manager, is now trying to enter the crypto market with a $400 million investment in a blockchain company.

Larry Fink, CEO of Blackrock, admitted that his company is “seeing more and more interest from our customers”.

Even tech stocks are now showing drops the same size as some digital currencies. Netflix fell 26% after closing yesterday, prompting some to compare stocks to Bitcoin.

STEPN up 50% in a week

Once a coin that has had a good period, Stepn (green metaverse token), the small crypto coin currently ranked 55th by CoinMarketCap, topped off a great week with a price increase of 50%. It is already trading well above $3.

We had already informed you at the beginning of April  about Stepn’s GMT (Green Metaverse Token). The idea is based on the idea of ​​earning coins by playing sports.