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Why Voyager and Galaxy Digital Stock Tumbled up to 16% on Monday

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crypto blockchain
crypto blockchain

Written by Amy Legate-Wolfe at The Motley Fool Canada

Voyager Digital (TSX:VOYG) and Galaxy Digital Holdings (TSX:GLXY) both saw shares tumble on Monday. Voyager stock fell up to 16% in early trading, and Galaxy stock fell up to 10% as of writing.

What happened?

Both Galaxy stock and Voyager stock have been affected by the recent market selloff in the tech and cryptocurrency sector. However, neither have come out with any news that warrants the major selloff. Instead, the companies have been bouncing up and down, as investors decide what to do with them.

Shares of Voyager stock and Galaxy stock both bounced up about 10% last week, only to lose steam this week. It seems those interested in the cryptocurrency sector look to these companies first, causing the fluctuation in share price.

So what?

This causes a pretty volatile situation for investors wanting in long term. But if you’re wanting in on cryptocurrency stocks, there’s a reason why investors seem to gravitate towards Voyager stock and Galaxy stock. Both are digital currency asset managers. They have their hands in a diverse range of crypto-related business ventures. This gives multiple ways to make cash.

Both invest directly in cryptocurrency, but Galaxy stock also provides start-up cash for blockchain technology companies and miners. Further, Voyager stock is a brokerage firm, with a platform for users to buy and sell 35 different cryptocurrencies, including its own cryptocurrency.

Now what?

Either one of these options could be good if you’re looking to get in on cryptocurrency before we hit a market bottom. And as most analysts recommend, you should not wait for a market bottom. Voyager stock and Galaxy stock continue to be in a volatile situation. But if you have some room for a bit of risk in your portfolio, then these could be solid long-term options.

That being said, always talk to your financial advisor and make sure you have a solid portfolio should these companies go south even further. Do your own research to keep your portfolio goals in check.

The post Why Voyager and Galaxy Digital Stock Tumbled up to 16% on Monday appeared first on The Motley Fool Canada.

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Fool contributor Amy Legate-Wolfe owns Galaxy Digital Holdings Ltd. The Motley Fool has no position in any of the stocks mentioned.

2022

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