FTX Collapse Drags Crypto Stocks to $5 Billion Valuation Wipeout
- Robinhood, MicroStrategy have slumped at least 15% this week
- Blockchain and Tech ETF has dropped 46% since April debut
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US stocks’ biggest rally in months wasn’t enough to ease the pain for holders of shares linked to the cryptocurrency space, some of which are headed for their steepest weekly losses in years amid FTX Group’s implosion.
Robinhood Markets Inc., MicroStrategy Inc. and Galaxy Digital Holdings Ltd. have each tumbled at least 15% this week, with Piper Sandler analysts calling FTX’s downfall a “clear setback” for the crypto industry.