COIN - Why Crypto Stocks Plunged Today

Shares of cryptocurrency stocks got crushed early in trading on Tuesday, as Bitcoin (CRYPTO: BTC) and other cryptocurrencies dropped. Since the stock market closed on Monday, Bitcoin dropped $39,353 per coin to about $36,400 last night, giving up about 10% of its value. Bitcoin has recovered slightly but is still trading at $37,727 as of this writing.

Coinbase Global (NASDAQ: COIN) fell as much as 6.7%, Canaan (NASDAQ: CAN) dropped 12.9%, Bitfarms (NASDAQ: BITF) was off 14.4%, and SOS Limited (NYSE: SOS) was down as much as 14.1%. At 1:00 p.m. EDT, the stocks were down 4.1%, 12.6%, 13.9%, and 13.2% respectively.

For perspective, the price of Bitcoin is still up over 20% since a week ago when the cryptocurrency was trading for under $30,000, so the day is bad but the weekly trend is fairly strong.

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