Why Bitcoin Mining Stocks Got Crushed Today
Popular cryptocurrency Bitcoin (CRYPTO: BTC) suddenly finds itself in bear market territory. As of this writing, the price of Bitcoin is around $46,200 -- down about 21% from all-time highs reached just days ago. Many consider a 20% drop worthy of being labeled as a bear market.
Because of Bitcoin's drop, stocks for Bitcoin mining companies are in a free fall today. Shares of Marathon Patent Group (NASDAQ: MARA), Riot Blockchain (NASDAQ: RIOT), Bit Digital (NASDAQ: BTBT), CleanSpark (NASDAQ: CLSK), and Canaan (NASDAQ: CAN) were all down at least 25% as of 10 a.m. EST.
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Source Fool.com
