BTC - Why Bitcoin Mining Stocks Dropped Like a Rock This Week
2023-04-21 13:23:47 ET
After some recovery over the past few weeks, Bitcoin (CRYPTO: BTC) miners had a rough go of it this week. The value of Bitcoin is down 7.6% in the past week as of noon ET on Friday, and that leads to a lot of lost value for miners and related companies.
According to data provided by S&P Global Market Intelligence , shares of Canaan (NASDAQ: CAN) have fallen 15.7% since Friday's close, HIVE Blockchain (NASDAQ: HIVE) is down 17%, Riot Platforms (NASDAQ: RIOT) has dropped 17.6%, Hut 8 Mining (NASDAQ: HUT) is down 16.9%, and Cipher Mining (NASDAQ: CIFR) has fallen 22.7%. But will the drop continue?
You can see in the chart below how these companies follow the price of Bitcoin , at least over the short term. And with good reason.
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Why Bitcoin Mining Stocks Dropped Like a Rock This Week