Why Square, Coinbase, and Canaan All Dropped Along With Cryptocurrencies on Friday

Shares of stocks with exposure to the crypto market are falling today as crypto prices come down sharply. Canaan (NASDAQ: CAN) was hit hardest and was down as much as 23.4% in early trading, while Square (NYSE: SQ) fell 3.3% and Coinbase (NASDAQ: COIN) was off 3.5%. The stocks are down 19.1%, 2.3%, and 1.8%, respectively, at noon EST. 

Cryptocurrency prices are down across the board, and that's having a big impact on stocks today. According to Coinbase, the crypto market is down 4.7% in the last 24 hours, with Bitcoin down 4.5%, Ethereum down 6.8%, and Binance Coin down 7.1% as of this writing.

Image source: Getty Images.

Continue reading

Source Fool.com