Why Shares of Riot Blockchain, Hive Blockchain, Bit Digital, and Bitfarms Are All Down Today
Shares of several crypto mining stocks fell today along with the broader cryptocurrency market for no obvious reason other than broader trends that have been playing out over the last month. Shares of Riot Blockchain (NASDAQ: RIOT) fell 8.5% today, shares of the Canada-based Hive Blockchain Technologies (NASDAQ: HIVE) fell 9.4%, shares of Bit Digital (NASDAQ: BTBT) fell more than 5.3%, and shares of Bitfarms (NASDAQ: BITF) fell 11.7%.
Being in the business of mining cryptocurrencies like Bitcoin (CRYPTO: BTC), most crypto mining stocks tend to move in correlation with the broader crypto market, which is struggling over the last month, with the price of Bitcoin down about 16.5%.
Bitcoin had seemed to be rallying over the past few days, with the price up to $52,000, but it started to fall last night, a move that then continued today. Bitcoin traded around $47,720 as of 4:10 p.m. ET. The sharp decline over the past 24 hours resulted in $300 million in forced liquidations on crypto futures contracts.
Source Fool.com
