Bitcoin's Latest Sell-Off Could Hurt These 3 Companies
Bitcoin (CRYPTO: BTC), the world's top cryptocurrency, lost nearly 40% of its value over the past three months. China's crackdown on cryptocurrency trades, Tesla's suspension of Bitcoin payments, and the rise of smaller cryptocurrencies all contributed to that sell-off.
Bitcoin's decline also dragged down shares of companies that depend on its growth. Let's examine three such stocks -- Marathon Digital (NASDAQ: MARA), Riot Blockchain (NASDAQ: RIOT), and Coinbase (NASDAQ: COIN) -- and see why they're still risky investments.
Prior to the Bitcoin boom, Marathon was a patent-holding company. Its main strategy was to purchase patents from other companies, then generate revenue through licensing agreements or litigation.
Source Fool.com
