Bitcoin price pauses following two-day rise

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Bitcoin's price rise paused Wednesday morning after gains in the prior session.

Heading into Wednesday, bitcoin had been on a two-day winning streak. 

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During those two days, bitcoin gained more than 2%.

Illustration of bitcoins. (iStock / iStock)

The cryptocurrency is down more than 9% month-to-date and off more than 10% year-to-date.

While cryptocurrencies have been down this year, they are still down less than crypto-related stocks.

In addition to bitcoin being down, ether is down 16%. As of Monday, the entire crypto market had fallen about 19%, according to data from CoinMarketCap, and reported by the Wall Street Journal.

Stocks of publicly traded, crypto-related companies have fallen as much as 60% so far this year, according to FactSet.

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The largest U.S. exchange, Coinbase Global Inc., is down 40% year-to-date. Silvergate Capital Corp. is down 11%. Marathon Digital Holdings Inc. is down 35%. Riot Blockchain Inc. is down 33%. TeraWulf Inc., a Bitcoin-mining company, is down 61%.

On Monday, Coinbase closed at $145.16, the lowest price since its public debut in April 2021. 

For Coinbase, the issue is trading volume has fallen sharply and that is where it derives a good amount of its revenue.

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Technology stocks have been impacted since the Federal Reserve and other central banks signaled a rise in interest rates. The higher rates make riskier investments less attractive. 

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