Bullish fell eight points, ranking among the top decliners in fintech today. The high volatility of crypto exchanges is particularly evident when risk appetite contracts. Upstart fell over six points; even the growth story of AI credit couldn't hold up 😪. Oscar Health and Tron both fell two to three points, with insurtech and small-cap crypto following lower.
It's all high-beta fintech stocks with generally low earnings visibility. When they rise, it's on risk appetite; today, as macro conditions weakened, they were sold off in a batch.
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