champion
It was an exceptionally strong week for crypto-exposed stocks in the broader financial sector, as bitcoin (btc-USD) gained 4.2%. Earlier this week, Michael Novogratz, founder and CEO of Galaxy Digital, said cryptocurrency stocks have rallied in response. to a dovish Federal Reserve.
Meanwhile, traditional financial stocks held firm over the same period, with the Financial Select Sector SPDR (XLF) ending the week at $37.26 versus $37.35 at the close on December 15.
Digital marathon entries (NASDAQ: MARÁ), increasing 46%, topped the list of winners for the week ending December 22, the last five-day trading week of the year. On Monday, the company agreed to acquire two bitcoin mining sites for $179 million. On Friday, the stock was one of several cryptocurrency-related stocks that hit a 52-week high as optimism for the cryptosphere continued.
crypto exchange Coinbase Global (NASDAQ: CURRENCY) increased by 19%;
Riot platforms (NASDAQ: UNREST) jumped 14%;
Clean spark (NASDAQ:CLSK) rose 12%; and
Robinhood Markets Stock and Cryptocurrency Trading App (NASDAQ: HOOD) won 11%.
More traditional financial names made the list of the biggest decliners, with New York Community Bancorp (New York Stock Exchange: NYCB) falling further, -8.0%. Earlier in the week, KBW downgraded its stock to Market Perform citing uncertainty around its credit quality and expenses.
Hong Kong-based Futu Holdings (NASDAQ:FUTU) fell 6.3% during the week;
Aon Plc (New York Stock Exchange: AON) fell 6.0% in the week it agreed to buy NFP for $13.4 billion in stock and cash;
Sinovus financial (New York Stock Exchange:SNV) fell 4.7%; and
M&T Bank (New York Stock Exchange: MTB) fell 4.4% after Deutsche Bank downgraded the bank to Hold, citing credit and rate pressures.
