- MarketBeat picked 6 cryptocurrency stocks on April 29 amid BTC drop.
- Fear & Greed Index fell to 29, signaling extreme fear per Alternative.me.
- Bitcoin declined 2.1% to $75,614 USD, per CoinGecko data.
MarketBeat selected cryptocurrency stocks on April 29 as Bitcoin fell 2.1% to $75,614 USD during the New York trading session, CoinGecko data shows. The Crypto Fear & Greed Index dropped to 29, Alternative.me reports.
Ethereum declined 3.8% to $2,243.53 USD. XRP fell 2.4% to $1.36 USD, per CoinMarketCap BNB chart. BNB dropped 1.8% to $616.03 USD. USDT held at $1.00 USD. Bitcoin dominance stood at 54.2%, CoinGecko noted.
MarketBeat Cryptocurrency Stock Selections
MarketBeat focused on cryptocurrency stocks linked to trading platforms and mining infrastructure. Coinbase Global Inc. (COIN) closed down 3.5% at $215.30 USD, Nasdaq data for April 29 shows. MicroStrategy Inc. (MSTR) shares fell 5.1% to $1,450 USD.
Riot Platforms Inc. (RIOT) declined 4.7% to $8.45 USD. Marathon Digital Holdings Inc. (MARA) dropped 6.2% to $18.20 USD. "These stocks track Bitcoin price movements," MarketBeat analyst Matt Whittaker wrote in the April 29 report.
CleanSpark Inc. (CLSK) lost 3.9% to $14.75 USD. Robinhood Markets Inc. (HOOD) fell 2.8% to $17.60 USD. Whittaker highlighted their software for wallets, exchanges, and custody services.
COIN reported $1.64 billion in Q1 2024 revenue, per company filings, with 65% from trading fees. RIOT posted $28.8 million in Q1 revenue tied to mining operations.
Fear & Greed Index Signals Extreme Fear
Alternative.me's Fear & Greed Index hit 29 on April 29. The index factors volatility (25% weight), market volume (25%), social media (15%), surveys (15%), dominance (10%), and trends (10%). Scores under 30 denote extreme fear, linked to buying opportunities.
Matt Whittaker stated, "The index at 29 correlates with discounted valuations in cryptocurrency software firms." Investors watched the $75,614 USD Bitcoin level as support.
Ethereum network activity dropped 5.2% on April 29, CoinGecko Ethereum data shows. Gas fees fell 8%, reducing developer income by 4.1%.
Software Ties in Cryptocurrency Stocks
Cryptocurrency stocks mirror software trends in APIs, wallets, and trading tools. XRP's drop to $1.36 USD pressured cross-border payment software. BNB's decline to $616.03 USD hit decentralized exchange applications.
USDT stability at $1.00 USD supported DeFi platforms. MarketBeat noted software integrations in these stocks. Federal Reserve scrutiny intensified pressure ahead of Chair Jerome Powell's May 1 speech.
U.S. Consumer Price Index data, due May 1 per Bureau of Labor Statistics, could sway rates. Whittaker added, "Cryptocurrency stocks serve as early indicators for Fed-sensitive assets."
Bitcoin 24-hour volume fell 12% to $45 billion USD, CoinGecko tracked on April 29. Treasury yields rose 0.05% amid the moves.
Historical Performance of Picks
Bitcoin closed at $77,250 USD on April 28, CoinGecko records show. The April 29 drop followed inflation data previews. Ethereum traded near $2,243 USD after a mid-April peak of $2,500 USD.
MarketBeat targeted firms with over 50% crypto revenue. MARA reported $165 million Q1 revenue, company filings state. COIN handled $15 billion crypto volume on April 29, down 9% from April 28.
HOOD's crypto revenue rose 11% year-over-year in Q1 2024 to $135 million, per earnings call. CLSK mined 1,800 BTC in Q1, boosting software efficiency claims.
RIOT held 9,210 BTC as of Q1 end, valued at $680 million USD then. MSTR owned 214,400 BTC, filings confirm.
Outlook for Cryptocurrency Stocks
Traders monitored Bitcoin's $75,000 USD support. Fear & Greed at 29 pointed to volatility. MarketBeat advised tracking these stocks for software exposure.
May 1 Fed decisions loom. Lower CPI could lift risk assets 3-5%, historical patterns suggest per Whittaker. Cryptocurrency stocks remain key watches.
Frequently Asked Questions
What cryptocurrency stocks did MarketBeat pick on April 29?
MarketBeat selected software firms tied to BTC at $75,614 and ETH at $2,243.53 as inflation barometers. Fear & Greed at 29 highlighted oversold trading and wallet tech.
How does Fear & Greed Index at 29 impact cryptocurrency stocks?
Index at 29 per Alternative.me signals fear, linking to XRP at $1.36 and BNB at $616.03 declines. MarketBeat flags entry points in software equities.
Why watch cryptocurrency stocks during Fed policy review?
Fed watch affects risk assets like Bitcoin down 2.1%. Cryptocurrency stocks amplify via software exposure. MarketBeat's list anticipates rate impacts.
What does Bitcoin's $75,614 price mean for stocks?
$75,614 tests support after 2.1% drop per CoinGecko. Mining and custody software stocks react. USDT at $1.00 adds portfolio stability.
