Publicly traded crypto firms slide further after Monday’s $1 billion market cap loss

Feb 23, 2021 | The Block News | 0 comments

publicly-traded-crypto-firms-slide-further-after-monday’s-$1-billion-market-cap-loss

The stocks of U.S.-listed crypto mining and miner manufacturing firms followed bitcoin’s downward movement Monday’s trading session, market data shows.

In all, these companies shed some $1 billion total from their market capitalizations. Bitcoin mining firms Marathon Patent Group, Riot Blockchain and Hive Blockchain closed out Monday with stock price decreases of 14.24%, 9.21% and 7.6%, respectively, according to data from The Block’s Data Dashboard.  

Meanwhile, Nasdaq-listed Chinese bitcoin mining hardware makers Canaan and Ebang saw declines of 15.89% and 23.96%, respectively, for their stock prices.

During Tuesday’s session, those firms weren’t fairing much better. Marathon is trading down 22% while Riot and Hive are down 24% and 18%, respectively. 

The stock moves come amid a period of heightened volatility in the price of bitcoin, which as of press time was trading at around $47,168 on Coinbase. 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

Vitalik proposes solution to link certain layer-two scaling projects

Vitalik proposes solution to link certain layer-two scaling projects

L2 DeFi protocols currently cannot communicate with each other, so Vitalik has proposed a fix. In an ongoing effort to battle escalating transaction fees while creating a unified ecosystem, Ethereum co-founder Vitalik Buterin has proposed a solution for a particular...

Binance announces investment in crypto hedge fund Multicoin Capital

Binance announces investment in crypto hedge fund Multicoin Capital

Crypto exchange giant Binance announced Tuesday an investment in Multicoin Capital. Multicoin is a hedge fund that invests in crypto startups. With the deal, Binance has now become a partner of the hedge fund. "This is the first investment we have made of this nature....

Pin It on Pinterest

Share This