BTC - Here's Why Marathon Digital Holdings Riot Blockchain and Canaan Crashed in April
Many stocks with tight connections to the cryptocurrency market fell hard in April 2021. North American Bitcoin (CRYPTO: BTC) miners Riot Blockchain (NASDAQ: RIOT) and Marathon Digital Holdings (NASDAQ: MARA) ended the month 21.5% and 23.4% lower, respectively, according to data from S&P Global Market Intelligence . China-based Bitcoin mining hardware maker Canaan (NASDAQ: CAN) posted a 39.5% plunge. You might think that the underlying Bitcoin asset would be falling just as hard, but the leading cryptocurrency's prices drifted just 1.5% lower in April.
First and foremost, the mining stocks tend to amplify whatever is going on with Bitcoin's prices. The three tickers mentioned above are still beating both the stock market and Bitcoin over the past six months, led by a whopping 1,220% return on Marathon's shares:
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Here's Why Marathon Digital Holdings, Riot Blockchain, and Canaan Crashed in April