Bitcoin’s Tumble Sends Crypto Stocks Plunging

Bitcoin’s recent rally had a positive impact on crypto stocks, as they tend to outperform Bitcoin itself. However, this can also be a double-edged sword, as demonstrated by today’s price action.

At the time of writing, the price of Bitcoin has slipped by 2.82%, and unfortunately, crypto stocks have fallen even lower, as their financial results are impacted by the underlying price of Bitcoin.

Bitcoin’s Tumble Sends Crypto Stocks Plunging

Among the affected stocks today are Marathon Digital (NASDAQ:MARA), Bit Digital (NASDAQ:BTBT), and Riot Platforms (NASDAQ:RIOT).

The biggest loser today is RIOT stock, with share prices dropping by more than 6% at the time of writing, followed by MARA and BTBT, with losses of 4.5% and 3.8%, respectively.

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