Cryptocurrency stocks have been hit hard since the beginning of the year due to the overall risk-off environment. The top two cryptocurrencies, Bitcoin and Ethereum, are down roughly 50% year-to-date.
The stock market has had a difficult first half of the year due to the multi-decade-high inflation, the Fed’s aggressive interest rate hikes, and geopolitical tensions. During the cryptocurrency bull run last year, many crypto advocates argued that it is a good store of value due to its scarcity. However, amid the global macroeconomic uncertainty, crypto stocks have gotten crushed this year.
