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.
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.