Bitcoin resumes uptrend, but crypto stocks trade in sea of red (Cryptocurrency:BTC-USD)

Olemedia/E+ via Getty Images

Bitcoin (BTC-USD) is resuming its relief rally in late Friday morning trading, though a vast majority of crypto-related stocks like MicroStrategy (NASDAQ:MSTR) and Coinbase Global (NASDAQ:COIN) are sliding.

The bearish price action in crypto-focused stocks comes as the tech-heavy Nasdaq (COMP.IND) -1% falls the most among the three major stock indices, as traders weigh tech firm’s disappointing results for the second quarter.

Over the past 24 hours, bitcoin (BTC-USD) is climbing 3.6% to $23.4K, and ethereum (ETH-USD) is perking up 5.5% to $1.59K as of around 11:30 a.m. ET. Some other big movers in the cryptosphere include polkadot (DOT-USD) +5.4%, wrapped bitcoin (WBTC-USD) +4.2%, ftx token (FTT-USD) +7% and ether classic (ETC-USD) +6.6%.

As for bitcoin proxies, the Grayscale Bitcoin Trust (OTC:GBTC) +1.8% and the ProShares Bitcoin Strategy ETF (BITO) +1.4% are rising a bit during intraday trading.

Given crypto stocks’ relatively strong correlation with bitcoin (BTC-USD), it’s somewhat of a doozy that those equities are falling while the largest digital coin by market cap is rising. But speculators have a lot to bear in mind in the midst of earnings season, such as looming recession risks, increasingly poor economic data and tightening financial conditions.

All in all, Bitfarms (BITF) -7.3%, Bakkt (BKKT) -6.4%, CleanSpark (CLSK) -5.2%, HIVE Blockchain (HIVE) -6.5%, MicroStrategy (MSTR) -1.7%, Coinbase (COIN) -1.7% and Marathon Digital (MARA) -3.8% are dipping but mostly remain elevated over the past week.

Earlier this week, (July 21) bitcoin, crypto stocks fall as traders assess Tesla’s BTC sale.