Why Bitcoin Mining Stocks Were Getting Crushed on Friday

Russia may be considering a ban on cryptocurrencies, which might be negatively impacting the price of the world's largest cryptocurrency by market capitalization: Bitcoin. And while investors in the Western Hemisphere were sleeping last night, stocks in Asia were falling, which could have also influenced cryptocurrencies. For its part, Bitcoin is down about 11% over the past 24 hours, as of 2:45 p.m. ET. And it's also down roughly 45% from its all-time high in November.

This downward trend isn't good for Bitcoin miners like Bitfarms (NASDAQ: BITF), Hut 8 Mining (NASDAQ: HUT), Riot Blockchain (NASDAQ: RIOT), and CleanSpark (NASDAQ: CLSK). As of this writing, these stocks were down 12%, 12%, 12%, and 7% respectively.

Image source: Getty Images.

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Source Fool.com