NCTY - Here's Why It Was a Bad Day for Bitcoin and Bitcoin Stocks
China doesn't want its citizens mining cryptocurrencies like Bitcoin (CRYPTO: BTC) anymore, and it ramped up its crackdown efforts over the weekend. That's why the price of Bitcoin is down roughly 12% over the past five days, and also why it fell by about 6% over the past 24 hours.
Almost every investment that is heavily connected with blockchains and cryptocurrencies also lost ground, including companies like Ebang International Holdings (NASDAQ: EBON) , The9 Limited (NASDAQ: NCTY) , and Future FinTech Group (NASDAQ: FTFT) . When the market closed Monday, those stocks were down 8.5%, 11.8%, and 11.3%, respectively.
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Here's Why It Was a Bad Day for Bitcoin and Bitcoin Stocks