Why Shares of Coinbase, Riot Blockchain, and Silvergate Capital Are All Falling Today
Shares of many crypto-related stocks were struggling today, along with the broader market. As of 12:45 p.m. ET today, the Dow Jones Industrial Average traded more than 900 points down, while the Nasdaq Composite had fallen nearly 4%.
At the same time, shares of the large cryptocurrency exchange Coinbase Global (NASDAQ: COIN) had fallen more than 11%, while shares of the Bitcoin (CRYPTO: BTC)-mining company Riot Blockchain (NASDAQ: RIOT) and the crypto bank Silvergate Capital (NYSE: SI) traded more than 8% and roughly 5% lower, respectively.
All of these companies trade in a correlated fashion to the broader cryptocurrency market and Bitcoin, the world's largest cryptocurrency. Now below $34,000, Bitcoin has been getting absolutely hammered, down nearly 100% from early November.
Source Fool.com
