Given persistent headwinds and existential concerns, it could be wise to avoid stocks with major exposure to cryptocurrencies, such as Block, Inc. (SQ), Coinbase Global, Inc. (COIN), Riot Blockchain, Inc. (RIOT), and Marathon Digital Holdings, Inc. (MARA) until their prospects become clearer.
The waning interest in cryptocurrencies amid rising interest rates and the increasing threat of regulatory clampdown, also jargonized as Crypto Winter, has claimed one of its initial non-crypto victims. Earlier today, Silvergate Capital, one of the crypto market's top banks, announced its plans to wind down operations and voluntarily liquidate billions of dollars in assets to repay all deposits.
