Market Cap: $1114152416069 24h Vol: $70586368809 Cryptocurrencies: 15858 Markets: 60244
Seeking Alpha 2021-09-07 15:32:40

Riot Blockchain, Bit Digital stocks swoon as bitcoin slumps

Bitcoin-related stocks slide, following a 9.0% drop in the world's biggest cryptocurrency by market cap, bringing bitcoin to ~$46.9K. The most obvious drop comes from bitcoin miners: Bit Digital (BTBT -10.7%), Bitfarms (BITF -8.0%), Riot Blockchain (RIOT -8.7%), Marathon Digital (MARA -8.6%), Hut 8 Mining (HUT -7.2%). Others caught in the downdraft include Coinbase (COIN -3.8%), MicroStrategy (MSTR -7.0%), Grayscale Bitcoin Trust (OTC:GBTC -8.1%), and Osprey Bitcoin Trust (OTCPK:OBTC -9.8%). Other major cryptos also swoon — ethereum (ETH-USD) declines 14%, Cardano (ADA-USD) falls 16%, XRP (XRP-USD) -19%, Binance Coin (BNB-USD) -19%. The crypto decline comes as the subreddit community attempts to coordinate the purchase of bitcoin to show support for El Salvador's adoption of bitcoin as legal tender becomes effective today. El Salvador President Nayib Bukele buys the dip. "150 new coins added," he says via tweet. Last month, Bitcoin futures ETFs are getting crowded as AdvisorShares joins with an SEC

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.