Crypto kicks off 2023 with immediate action: Coinbase, $BONK and crypto-related stocks rallies – The Average Joe

    Crypto kicks off 2023 with immediate action: Coinbase, $BONK and crypto-related stocks rallies

    Victor Lei — Head of Research

    January 4, 2023

    January 4, 2023

    How’d crypto perform last year?

    • Bitcoin ($BTC) is down 64%.
    • Ethereum ($ETH) is down 67%.

    In comparison, the tech-heavy Nasdaq index saw a decline of 33%. After everything that happened in crypto last year, it’s honestly surprising that prices haven’t suffered more.

    But crypto’s as resilient as Kenny; no matter how many times you try killing ‘em… just keeps on coming back.

    The industry started 2023 with some immediate action:

    • Coinbase (NASDAQ:COIN) settled with the New York state regulators for $100M — sending its stock up 12%.
    • Beaten-down crypto stocks like Marathon Digital (NASDAQ:MARA) and Silvergate (NYSE:SI) also jumped 24% and 27%, respectively.
    • Knockoff Dogecoin Bonk ($BONK) jumped nearly 10x to start the year (another pump and dump?).

    “ChatGPT: Write the code for a new meme coin, name it and create a website.”

    The result:

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