- 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.
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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.