CIFR - Why Coinbase Riot Platforms and Cipher Mining Are Falling This Week
2023-06-08 12:31:14 ET
Shares of many crypto stocks and cryptocurrencies fell this week as the Securities and Exchange Commission (SEC) continued to crack down on the industry.
Shares of Coinbase (NASDAQ: COIN) are trading more than 16% lower for the week as of 11:39 a.m. ET Thursday, according to data from S&P Global Market Intelligence . Meanwhile, shares of the Bitcoin -mining company Riot Platforms (NASDAQ: RIOT) traded nearly 9% lower, while shares of Cipher Mining (NASDAQ: CIFR) were down roughly 11.6%.
The SEC did not mess around this week. First it sued Binance on 13 charges, and then it sued Coinbase, alleging that the large U.S.-based exchange has been running an unregistered exchange, brokerage, and clearing agency.
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Why Coinbase, Riot Platforms, and Cipher Mining Are Falling This Week