Crypto Stocks Perform Worse Than Cryptocurrencies

Coinbase is off 40% so far this year as trading volume sinks; TeraWulf, Marathon Digital and Riot Blockchain are down sharply as well

WSJ’s Dion Rabouin explains why Wall Street is now betting big on crypto and what that means for the new asset class and its future. Photo composite: Elizabeth Smelov

The picks and shovels of the cryptocurrency world have been a worse bet lately than cryptocurrencies themselves.

The cryptocurrency market has been in selloff mode recently even as hundreds of millions of people now trade bitcoin, ether and other digital assets. Bitcoin is down 11% this year. Ether is down 16%. As of Monday, the entire crypto market had fallen about 19%, though prices were off their year lows, according to data from CoinMarketCap. 

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