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

Galaxy (TSX:GLXY) stock and Voyager (TSX:VOYG) stock continue to jump up and down, as investors remain unclear of whether today is an opportunity or not.

| More on:
crypto blockchain

Image source: Getty Images

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.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

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

More on Cryptocurrency

Coworkers standing near a wall
Cryptocurrency

Ripple Lawsuit: Wins Aren’t Moving XRP

Ripple Labs appears to be winning its lawsuit, but the price of XRP (CRYPTO:XRP) isn't moving. Why's that?

Read more »

Big Bitcoin logo.
Cryptocurrency

Warren Buffett Slams Bitcoin: Is He Right This Time?

Warren Buffett recently slammed Bitcoin (CRYPTO:BTC). Is he right?

Read more »

crypto, chart, stocks
Cryptocurrency

Where Is Polkadot Headed in 2022?

Here's why Polkadot (CRYPTO:DOT) may be headed higher during the latter half of this year, following a dismal start to…

Read more »

A stock price graph showing declines
Cryptocurrency

Struggling Cryptos: Market Cap Falls 3.37% Overnight  

The global crypto market lost a significant amount of its market cap overnight, as the selling pressure on cryptocurrencies continue.

Read more »

Bitcoin
Cryptocurrency

Bitcoin Tanks 38% in 2022: Buy It Cheap?

Bitcoin has fallen considerably this year, and it might be worth investing in at a discount for stellar returns.

Read more »

Person Hands Opening Mailbox To Remove Newspaper
Cryptocurrency

XRP vs. SEC Lawsuit: Some Interesting Developments

The summary judgment in the ongoing legal battle in the cryptocurrency market might come in 2023, not this year.

Read more »

crypto blockchain
Cryptocurrency

Is XRP the Large-Cap Crytpocurrency to Own Right Now?

Let's take a deeper look at whether XRP (CRYPTO:XRP) is a digital token worth investing in at this particular juncture…

Read more »

thinking
Cryptocurrency

Can the Ethereum Merge Take This Token to New All-Time Highs?

Here's a dive into what the upcoming Ethereum merge is and why investors may want to pay attention to this…

Read more »