Cryptocurrency-related stocks including Coinbase Global Inc COIN, Marathon Digital Holdings Inc MARA and Riot Blockchain Inc RIOT are trading lower Thursday amid a sharp decrease in the price of Bitcoin BTC/USD and Ethereum ETH/USD.
Bitcoin’s move lower seems to be the result of a technical breakdown around the $20,000 level. The crypto decline accelerated after Bitcoin fell through support. The crypto market also appears to be falling amid a selloff in broader risk assets as traditional markets continue to trend lower.
Coinbase is the leading cryptocurrency exchange platform in the United States. The stock was down 8.8% at $45.31 at time of publication, according to data from Benzinga Pro.
Marathon Digital is focused on mining digital assets. The company owns cryptocurrency mining machines and a data center to mine the digital assets. Marathon Digital shares were down 8.53% at $5.31 at press time.
From Yesterday: Why Shares Of Bitcoin Miner Marathon Digital Are Falling
Riot Blockchain is focused on building, supporting and operating blockchain technologies. The stock was down 7.33% at $4.17 at time of publication.
$BTC, $ETH Price Action: Bitcoin was down 5.59% over a 24-hour period at $18,951 at press time. Ethereum was down 8.76% over a 24-hour period at $1,015.88 at press time.
Photo: Eivind Pedersen from Pixabay.
Read More:Why Bitcoin- And Ethereum-Related Stocks Are Falling – Benzinga