GBTC - Bitcoin Is Crashing and Consequently So Are These 3 Stocks
The price of popular cryptocurrency Bitcoin (CRYPTO: BTC) is falling at an accelerated rate, currently down 14% over the past 24 hours, according to CoinDesk. As of this writing, Bitcoin is worth roughly $37,600 -- down over 40% from highs reached earlier this year. The sharp drop has sparked a decline in other cryptocurrencies and caused prices to plummet for stocks like Grayscale Bitcoin Trust (OTC: GBTC) , Ebang International Holdings (NASDAQ: EBON) , and The9 Limited (NASDAQ: NCTY) . At 1:58 p.m. EDT today, they were down 4.5%, 9.6%, and 11.5%, respectively.
Grayscale Bitcoin Trust is a fund that only holds Bitcoin. Therefore, today's drop is to be expected. It was down 11% earlier Wednesday. Ebang manufactures equipment for mining Bitcoin and mines some itself. Therefore, a drop in the price of Bitcoin is concerning for shareholders. And for its part, The9 mines cryptocurrencies like Bitcoin and Filecoin (CRYPTO: FIL) and the price of Filecoin is down even sharper than Bitcoin right now, declining 27% over the past 24 hours.
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Bitcoin Is Crashing and, Consequently, So Are These 3 Stocks