The recent rally in Bitcoin (BTCUSD) prices has propelled shares of crypto stocks much higher, as well. In the last year, BTC prices have almost tripled, valuing the digital asset at $1.3 trillion by market cap.
Since the start of 2023, Bitcoin prices have been driven higher by several factors, including slower inflation, geopolitical tensions, the possibility of multiple Fed rate cuts, the collapse of several regional banks, the launch of spot BTC exchange-traded funds (ETFs), and the upcoming halving event.
However, against an uncertain macro backdrop, it’s worth pointing out that many crypto-related stocks are now technically overbought, and trading well above Wall Street’s mean price targets. Here are two overvalued stocks at risk of moving lower, especially if Bitcoin prices come under pressure.
1. Coinbase Global Stock
Valued at $49.8 billion by market cap, Coinbase Global (COIN) is among the largest crypto exchanges in the…
