On January 21, shares of American cryptocurrency companies closed lower, despite a recovery in Bitcoin.
Over the past 24 hours, digital gold has appreciated by 4% and is trading around $105,500 at the time of writing.
However, the stock price of Bitcoin miner CleanSpark fell by 7.67% by the end of the trading session on January 21. TeraWulf closed down by 6.88%, Riot Platforms by 4.85%, and MARA Holdings’ shares lost 1.76%.
The shares of the largest US cryptocurrency exchange, Coinbase, dropped by 8.5% in the first hour of trading. The stock price fell to $274.8 but recovered to $294.19 by the close — a 0.44% decrease for the day.
MicroStrategy reported the purchase of an additional 11,000 BTC for ~$1.1 billion. The firm, which holds the largest corporate Bitcoin reserves, has accumulated 461,000 BTC. The company’s stock plummeted by 7% in the morning. By the end of the session, the stock price rose to ~$389.1, marking a daily decline of 1.87%.
On January 20, Donald Trump was sworn in as the 47th President of the United States. Prior to taking office, the politician expressed support for the crypto industry, but did not mention digital assets in his inaugural speech. The first set of signed orders did not include legislation directly affecting the sector.
Nevertheless, on January 21, Trump fulfilled one of his promises to the community by pardoning Silk Road darknet market founder Ross Ulbricht.
Amid the decline in cryptocurrency stocks, the S&P 500 index rose slightly by 0.88%.
Earlier, Canaccord suggested that cryptocurrencies could outperform the stock market if the historical pattern following a halving is maintained.