Shares of stocks with exposure to the crypto market are falling today as crypto prices come down sharply. Canaan (NASDAQ: CAN) was hit hardest and was down as much as 23.4% in early trading, while Square (NYSE: SQ) fell 3.3% and Coinbase (NASDAQ: COIN) was off 3.5%. The stocks are down 19.1%, 2.3%, and 1.8%, respectively, at noon EST.
Cryptocurrency prices are down across the board, and that's having a big impact on stocks today. According to Coinbase, the crypto market is down 4.7% in the last 24 hours, with Bitcoin down 4.5%, Ethereum down 6.8%, and Binance Coin down 7.1% as of this writing.
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Why Square, Coinbase, and Canaan All Dropped Along With Cryptocurrencies on Friday