S&P 500’s only crypto stock shrugs off hot CPI
Coinbase (Nasdaq: COIN), the lone crypto warrior on the S&P 500, didn't get rattled by the latest June inflation data and hit an all-time high of $400.88 on July 15.
This isn't surprising given the fact that the stock hit its previous record high of $398.50 only the last day on the back of the broader crypto market rally. The company now has a market cap of more than $101 billion.
At the time of writing, COIN was trading at $394.22, up 0.05% a day.
Launched in 2012, Coinbase is the largest crypto exchange in the U.S. that went public in 2021. This May, it became the first crypto stock to debut on the S&P 500 list — a reflection of crypto institutions gaining mainstream acceptance within the U.S. financial ecosystem.
The inflation data didn't weigh heavily on the Robinhood Markets (Nasdaq: HOOD) stock either.
The platform's recent EU launch of tokenized stocks of private companies such as OpenAI invited public scrutiny. However, the buzz created by the latest product suite has driven the stock to new highs. It was trading at $100.06 at press time, up 0.10% a day.
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Not every crypto stock resilient enough
However, not every crypto stock could bear the negative impact of the latest inflation data on the markets.
Strategy (Nasdaq: MSTR), the leading Bitcoin treasury company, was trading at $445.42 at press time, down 1.24% a day.
Circle Internet Group (NYSE: CRCL), the company behind the USDC stablecoin, fell 3.37% to trade at $197.81.
Bitcoin miner MARA Holdings (MARA) was exchanging hands at $19.14, down 0.34%.
Riot Platforms (Nasdaq: RIOT), another prominent crypto miner, was trading at $12.18, down 2.68%.
Bitcoin miner CleanSpark (Nasdaq: CLSK) also dipped to $12.30, down 2.38%.
HIVE Digital (Nasdaq: HIVE), another Bitcoin miner, also slipped 5% to trade at $2.1850.
Hut 8 Group (HUT), another prominent crypto miner, was trading at $21.79, down 1.49%.
The miner Bitdeer (Nasdaq: BTDR) was no exception either, slipping 3.37% to $13.06.
Most crypto stocks saw a decline on their charts, with only a few stocks being resilient enough to brave the inflation data.