Why Crypto Mining and Associated Stocks Tumbled on Tuesday

Why Crypto Mining and Associated Stocks Tumbled on Tuesday

The second trading day of the week was hardly a good one for stocks either fully or mostly dependent on the performance of the world’s leading cryptocurrency. As a group, these titles fell dramatically in price.

Cleanspark (NASDAQ: CLSK) lost 9% of its value by market close, while its peer, Bit Digital (NASDAQ: BTBT), fell by almost 11%. Microstrategy (NASDAQ: MSTR), which is effectively an all-in investor in Bitcoin (CRYPTO: BTC), fared relatively well by closing “only” 3.5% lower.

One of the few positive aspects of such group falls is that it isn’t hard to identify the culprit. The bad guy is, of course, Bitcoin, which got socked by investors Monday night. That rout continued well into the following day. As of late afternoon trading, the coin’s price was well off its recent peak of more than $70,000, at slightly over $65,000.

Continue reading

Source Fool.com


Recommended For You

About the Author: Daniel