Why Shares of Coinbase, MicroStrategy, and Riot Blockchain Are Falling Today
The entire crypto industry, from cryptocurrencies to crypto stocks, was incredibly volatile this morning amid rumors that the large crypto exchange FTX was facing insolvency. Then, after a run on the exchange, FTX struck a deal to sell its non-U.S. operations to the crypto exchange Binance.
Shares of the large crypto exchange Coinbase (NASDAQ: COIN) traded as much as 12% lower as of 10:38 a.m. ET today before recouping much of those losses. As of noon ET, shares were down only about 1.8%.
The Bitcoin (CRYPTO: BTC) miner and business intelligence company MicroStrategy (NASDAQ: MSTR) also saw its shares trade as much as 17% lower today before cutting those losses in half. Shares of the Bitcoin miner Riot Blockchain (NASDAQ: RIOT) were down as much as 13% but also reversed most of those losses.
Source Fool.com
