BTC - Why Cryptocurrency Stocks Plunged Today
Cryptocurrencies and crypto stocks took another downturn on Wednesday after China issued a number of restrictions on the use of digital currencies. Not only does that potentially reduce the market for cryptocurrencies and undermine the thesis that they're global assets, but most Bitcoin (CRYPTO: BTC) mining also takes place in China, which complicates the industry's future.
Crypto stocks overall are down big today, but some of the more notable movers were Canaan (NASDAQ: CAN) dropping as much as 14.7%, Riot Blockchain (NASDAQ: RIOT) falling 15.5%, Marathon Digital Holdings (NASDAQ: MARA) losing 16%, Bit Digital (NASDAQ: BTBT) off 17.1%, and MicroStrategy (NASDAQ: MSTR) losing 15.5% of its value. The stocks recovered some of those losses by noon EDT, but were still down big for the day.
The notable crypto moves were Bitcoin falling 13.2% as I'm writing this, Ethereum (CRYPTO: ETH) dropping 18.5%, and Dogecoin (CRYPTO: DOGE) losing 21.1% of its value. Across the board, crypto assets are down double digits, with some losing over 30% of their value at one point today, on top of losses from earlier in the week .
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Why Cryptocurrency Stocks Plunged Today