Many U.S.-based cryptocurrency mining stocks are reflecting Bitcoin’s weakness and trading lower at the end of the week.
At the time of writing, Hut 8’s stock price is down 11.2% to $12.34 per share. CleanSpark’s stock is now trading at $13.35 per share, down 11.35%, while Riot Platforms’ stock is trading at $8.50, down 8.8%.
Shares of Marathon Digital Holdings Inc. fell 3.3% to $17.48. Marathon disclosed in its second-quarter financial report that it sold more than 50% of the bitcoin (BTC) it mined during the quarter to fund operating costs.
The latest drop in stock prices comes as the Nasdaq and Dow Jones Industrial Average are both in a downtrend. The Nasdaq is down 2.5% today. Technology stocks are also facing a broad sell-off, driven by investor concerns about overvaluations.
Other cryptocurrency stocks, such as crypto exchange Coinbase, Microstrategy, and PayPal, fell 4-5% on the day.
Bitcoin price drop
Meanwhile, the cryptocurrency market is also in a downturn, with Bitcoin (BTC) and other major digital assets suffering losses amid concerns surrounding the financial stability of Genesis Trading.
Bitcoin was hovering just below $63,000 as of early Friday, down 10% in the past five days. Last month, it dropped below $55,000, hitting levels not seen since February.
With the recent sale of 50,000 BTC by the German government, distributions from the bankrupt Genesis Trading exchange, and the impending sales of the US government’s BTC stockpile, the crypto market continues to face supply disruptions.
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