Nikada
Investors in crypto-tied stocks faced a tumultuous week in the financial markets as bitcoin (BTC-USD) continued its descent, falling by 2.7%. The retreat commenced after the approval of exchange-traded funds investing directly in the token. Adding to the bearish sentiment, JPMorgan Chase (JPM) CEO Jamie Dimon issued cautionary advice to clients, dissuading them from engaging with the coin or any spot ETFs.
Meanwhile, as the finance sector launched into earnings season, traditional financial stocks with a market cap exceeding $2 billion inched up slightly for the week ended Jan. 19. The Financial Select Sector SPDR ETF (NYSEARCA:XLF) advanced by 0.7%, a modest incline compared to the S&P 500’s 1.2% ascent.
Winners and Losers
Marathon Digital (NASDAQ:MARA) claimed the top spot among the losers, suffering a significant 28% decline after finalizing the acquisition of two bitcoin mining sites from Generate Capital. Fellow BTC miner, Riot Platforms (NASDAQ:RIOT), also grappled with a 21.4% decrease in its stock value. India’s HDFC Bank (NYSE:HDB) experienced a 14.6% drop following the release of its fiscal Q3 results. Similarly, credit card issuer Discover Financial Services (NYSE:DFS) faced a 12.5% fall attributed to a quarterly earnings miss and an analyst downgrade. Crypto exchange Coinbase Global (NASDAQ:COIN) rounded out the five biggest decliners with an 11.6% loss, amidst its legal battle with the Securities and Exchange Commission over allegations of selling unregistered securities.
On the flip side, Argentine lender Grupo Financiero Galicia S.A. (NASDAQ:GGAL) emerged as the biggest gainer, vaulting 8.9%. Property and casualty insurer Travelers Companies (NYSE:TRV) saw an 8.6% surge following blowout Q4 earnings that exceeded Wall Street expectations. Additionally, Hamilton Lane (NASDAQ:HLNE) accelerated by 7.6%, PayPal Holdings (NASDAQ:PYPL) gained 7.3% despite a downgrade by Mizuho, and White Mountains Insurance Group (NYSE:WTM) secured a 7.3% rise.
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