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The US stock market reached new highs, but encryption concept stocks collectively experienced a pullback.
On December 24, the interesting aspect of the US stock market is that while the major indices steadily rose, with the Dow up 0.16%, the Nasdaq up 0.57%, and the S&P 500 index rising 0.45% to set a new closing high, the encryption concept stocks, on the other hand, were all in the red, showing a clear divergence.
The performance of several leading encryption companies is the most eye-catching. The largest compliant platform in the U.S. (COIN) fell by 2.26%, the stablecoin operator (CRCL) saw a deeper decline of 4.91%, while the company known for bottom fishing BTC (MSTR) dropped by 3.92%. Exchange concept stocks also didn't escape, with (BLSH) falling by 6.26% and (GEMI) by 5.54%.
The mining sector is also under great pressure - (BMNR) down 4.21%, (BTBT) down 4.52%. Gaming and other encryption-related concepts are also adjusting, (SBET) down 3.45%, (ALTS) down 5.69%, (ABTC) down 4.62%. Among them, (ETHZ) has the most outrageous decline, plummeting 15.08%, almost halving its value.
Overall, the phenomenon of a hot market and cold sectors may reflect the market's cautious attitude towards the encryption track in the short term.