Crypto Stocks Correct Faster Than Coins, Netflix Tumbles 26%, Stepn Soars 50% In Week

---

Bitcoin and Ether were able to recover from their Monday lows on Tuesday and continued to outperform Wednesday. Even the major stock markets had a not too bad start to the week. However, tech stocks, fintech stocks and, most importantly, crypto stocks have still fallen sharply for the year.

Crypto stocks are what Wall Street usually defines as trading platforms (think Gemini, Binance and Coinbase) and crypto mining companies (think Marathon Digital and Riot Blockchain).

$COIN Coinbase’s stock selloff is ‘way overblown’ for these reasons, analyst sayshttps://t.co/SItvauOh9T

— Top Stock Alerts (@TopStockAlerts1) April 18, 2022

Calculations show that the largest crypto stocks in the US have fallen about 60% so far this year.

Federal Reserve

If you want to know exactly when the sell-off in tech and crypto stocks started, look no further than the timing of the Federal Reserve’s announcement that interest rates would rise. The fact that higher interest rates are coming means riskier investments are off the table for conservative hedge funds and most pension funds, starting a sell-off in tech stocks at the time.

It’s not all bad though. According to the Wall Street Journal, even Blackrock, the giant money manager, is now trying to enter the crypto market with a $400 million investment in a blockchain company.

Larry Fink, CEO of Blackrock, admitted that his company is “seeing more and more interest from our customers”.

Even tech stocks are now showing drops the same size as some digital currencies. Netflix fell 26% after closing yesterday, prompting some to compare stocks to Bitcoin.

Watching $NFLX drop -26% after hours reminds me how stocks became more like #crypto, rather than the other way around

— Benjamin Cowen (@intocryptoverse) April 19, 2022

STEPN up 50% in a week

Once a coin that has had a good period, Stepn (green metaverse token), the small crypto coin currently ranked 55th by CoinMarketCap, topped off a great week with a price increase of 50%. It is already trading well above $3.

We had already informed you at the beginning of April  about Stepn’s GMT (Green Metaverse Token). The idea is based on the idea of ​​earning coins by playing sports.