HIVE - Bitcoin resumes uptrend but crypto-focused stocks trade in sea of red

Bitcoin ( BTC-USD ) is resuming its relief rally in late Friday morning trading, though a vast majority of crypto-related stocks like MicroStrategy ( NASDAQ: MSTR ) and Coinbase Global ( NASDAQ: COIN ) are sliding.

The bearish price action in crypto-focused stocks comes as the tech-heavy Nasdaq ( COMP.IND ) -1% falls the most among the three major stock indices, as traders weigh tech firm's disappointing results for the second quarter.

Over the past 24 hours, bitcoin ( BTC-USD ) is climbing 3.6% to $23.4K, and ethereum ( ETH-USD ) is perking up 5.5% to $1.59K as of around 11:30 a.m. ET. Some other big movers in the cryptosphere include polkadot ( DOT-USD ) +5.4% , wrapped bitcoin ( WBTC-USD ) +4.2% , ftx token ( FTT-USD ) +7% and ether classic ( ETC-USD ) +6.6% .

As for bitcoin proxies, the Grayscale Bitcoin Trust ( OTC:GBTC ) +1.8% and the ProShares Bitcoin Strategy ETF ( BITO ) +1.4% are rising a bit during intraday trading.

Given crypto stocks' relatively strong correlation with bitcoin ( BTC-USD ), it's somewhat rare that those equities are falling while the largest digital coin by market cap is rising. But speculators have a lot to bear in mind in the midst of earnings season, such as looming recession risks, increasingly poor economic data and tightening financial conditions.

All in all, Bitfarms ( BITF ) -7.3% , Bakkt ( BKKT ) -6.4% , CleanSpark ( CLSK ) -5.2% , HIVE Blockchain ( HIVE ) -6.5% , MicroStrategy ( MSTR ) -1.7% , Coinbase ( COIN ) -1.7% and Marathon Digital ( MARA ) -3.8% are dipping.

Earlier this week, (July 21) bitcoin, crypto stocks fall as traders assess Tesla's BTC sale .

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