Most crypto stocks have plunged over the past few months as the prolonged winter has intensified. Bitcoin has slumped from an all-time high of $126,300 to $60,000. Other tokens have also plunged, with the market capitalization of all tokens falling to $2 trillion from the all-time high of $4.2 trillion.
This article looks at some of the top crypto stocks to watch this week, including Strategy (MSTR), BitMine (BMNR), Coinbase (COIN), and IREN (IREN).
BMNR and MSTR in Focus Amid Preferred Stocks Plunge
Michael Saylor’s Strategy and Tom Lee’s BitMine will be the most important crypto stocks to watch this week amid concerns about their preferred offerings. MSTR has plunged to the lowest level in years, while BMNR has dropped from last year’s high of $160 to below $20 today.
Investors will be on the lookout for data on Bitcoin and Ethereum acquisitions and actions to boost their balance sheets. That’s because the main concern among investors is that they will find it difficult to fund their dividends in the long term.
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Saylor has pushed back, arguing that the company has enough assets to find its dividends, a move that would include selling Bitcoin and diluting its shareholders.
Analysts have continued to warn about Strategy, with Peter Schiff being the most vocal. In a statement during the weekend, he argued that the company’s crash would be bigger than FTX, which imploded in 2022.
IREN
IREN, a large Bitcoin mining company that is slowly pivoting towards the data center industry, will be another top company to watch this week.
IREN stock has been highly volatile over the past few weeks, moving from a high of $70.45 on June 3rd to its current level of $47.23. This retreat has seen it drop below the 50-day Exponential Moving Average (EMA).
IREN also formed a head-and-shoulders pattern, a common bearish reversal sign in technical analysis. This weakness persisted even after the announcement of a major partnership with the Golden State Warriors, a top basketball club in the United States.
Technicals suggest that the IREN stock price may continue to fall in the near term as jitters about the AI industry persist. If this happens, the stock may drop below the crucial support level of $40.
Coinbase (COIN)
Coinbase stock price has been in a strong downward trend in the past few months as the ongoing crypto winter has led to lower volume on its platform.
It has plunged by 58% in the last 12 months and is now hovering near its lowest level since April last year.
The stock will be in focus this week as investors assess its business amid the crypto winter. Signs that Bitcoin and other altcoins are rebounding will be bullish for the shares.
Coinbase stock will also be in the spotlight as outflows from Bitcoin and Ethereum ETFs jump, which will affect its custody services. Also, the volume of the USDC stablecoin in circulation has continued falling, which may affect its revenues.
READ MORE: Bitcoin Price Prediction as Crypto Fear and Greed Index Sinks
