Crypto mining stocks plummet as Bitcoin falls from historic highs – Business Insider

Crypto mining stocks plummet as Bitcoin falls from historic highs – Business Insider


Bitcoin
Bitcoin.

  • Bitcoin’s first big pullback of the year is hurting cryptocurrency miners on Monday.
  • Shares of Riot Blockchain and Marathon Patent Group have fallen over 15% on the back of Bitcoin’s pullback.
  • Bitcoin mining is now more popular, and more difficult, than ever before according to data from CoinDesk.
  • Visit Business Insider’s homepage for more stories.

Shares of Cryptocurrency miners Riot Blockchain and Marathon Patent Group are taking the brunt of bitcoin’s fall on Monday.

Both stocks are down over 15% following bitcoin’s tumble from over $40,000 to under $33,000 per coin. The slide wiped some $170 billion off of total cryptocurrency market value in just a few days.

As of Monday morning, the decline is the largest drop for cryptocurrencies since their historic run began back in October.

The bitcoin sell-off comes after months of gains for cryptocurrencies and may signal some profit-taking, according to Simons Chen, executive director of investment and trading at cryptocurrency financial services firm Babel Finance.

Chen said in a statement, “the correction we saw was expected as we believe the BTC price surge recently from under $20,000 to $40,000 in the past four weeks will induce sell pressure,” per CNBC.

Read more: JPMorgan says stocks are primed for sustained gains in a way they haven’t been
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