Crypto stocks teeter near abyss as Fink’s warning adds to angst

By Matt Turner

03 Dec 2022 · 3 min read

Editor's Note

To add to the crypto market's troubles, BlackRock CEO Larry Fink predicted last week that more companies in the industry will collapse after FTX's demise. Bloomberg looks at the fallout.

Analysts and investors are struggling to call a bottom in crypto stocks in the wake of a brutal month that ended with the head of BlackRock Inc. saying most digital-asset firms won't survive.

Cryptocurrency firms including Coinbase Global Inc., Galaxy Digital Holdings Ltd. and MicroStrategy Inc. all plunged more than 25% last month. The declines added to the pain of a dismal year amid a deep and extended plunge in bitcoin and other digital tokens. While that trio of firms rallied this week, they've still wiped out roughly $52 billion of shareholder value in 2022.

Sign in to informed

  • Curated articles from premium publishers, ad-free
  • Concise Daily Briefs with quick-read summaries
  • Read, listen, save for later, or enjoy offline
  • Enjoy personalized content