Why Ebang Stock Is Plunging Today

Today, China-based cryptocurrency miners saw a lot of attention. Unfortunately for investors in Ebang International Holdings (NASDAQ: EBON), the momentum has been to the downside. Shares of Ebang were down 11.2% today, on some sector-specific news.

Most investors are already aware of the high-profile news surrounding China's crackdown on cryptocurrency mining. This news has permeated the sector for some time, and has led to lower valuations across the board. Ebang, along with its competitors, is trying to shift operations out of China.

However, some recent news regarding rival Chinese cryptocurrency miner SOS Limited (NYSE: SOS) appears to be sending Chinese cryptocurrency mining stocks lower. SOS today announced a private placement to accredited investors at quite a significant discount.

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Source Fool.com