Written by 4:15 pm Bitcoin

Why Bitcoin- And Ethereum-Related Stocks Are Diving Today – Coinbase Global (NASDAQ:COIN)

Cryptocurrency-related stocks including Coinbase Global Inc COINMarathon Digital Holdings Inc MARA and Riot Blockchain Inc RIOT are trading lower Monday amid a drop in crypto prices, led by Bitcoin BTC/USD and Ethereum ETH/USD.

Several crypto assets are trading lower as the FTX fallout continues to weigh on digital currency demand. 

FTX, along with related trading firm Alameda Research and approximately 130 affiliated companies filed for Chapter 11 Bankruptcy following the collapse of the FTX Token FTT/USD and the unwinding of FTX CEO Sam Bankman-Fried.

Coinbase is the leading cryptocurrency exchange platform in the United States. Coinbase shares were down 7.42% at $41.90 at last check. 

Marathon Digital focuses on mining digital assets. The company owns cryptocurrency mining machines and a data center to mine the digital assets. The stock was down 7.63% at $6.90 at time of publication.

Riot Blockchain is focused on building, supporting and operating blockchain technologies. The stock was down 6.17% at $4.19 Monday morning.

Check This Out: Binance CEO Takes Aim At Fallen Crypto Billionaire Sam Bankman-Fried After Viewing FTX’s Books: ‘It’s Clear That He Lied’

$BTC, $ETH Price Action: At time of publication, Bitcoin is down 2.69% at $16,132 over the last 24-hour period, while Ethereum is down 3.91% at $1,130.86.

Photo: Eivind Pedersen from Pixabay.

Source link