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CRYPTO STOCKS ARE DOING ABSOLUTELY HORRIBLY

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Bitcoin cryptocurrency gold coin. Trading on the cryptocurrency exchange. Trends in bitcoin exchange rates. Rise and fall charts of bitcoin

The stocks of cryptocurrency-focused companies are in a nose dive, falling as much as 60 percent this year alone, The Wall Street Journal reports, signaling a significant drop-off in interest — and a divergence between crypto companies’ stocks and the values of actual blockchain products, which are also down but not as much.

The scandal-plagued Coinbase is down a whopping 42 percent so far this year, while Riot Blockchain, a mining company, is down 34 percent over the same period, according to the WSJ. Market capitalization of publicly traded crypto companies fell from $100 billion in November, around the time the value of Bitcoin hit record highs, to a far more modest $40 billion today

In other words, consumer interest may be waning, with trading volumes falling significantly lately. After all, companies like Coinbase, which is still the number one US crypto company by market cap, rely on transaction fees to make money.

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