Why Crypto Stocks Dropped Like Rocks Today
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The world of cryptocurrencies was thrown for a loop over the weekend as Elon Musk suddenly soured on the industry. That's caused a big drop in cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE). As I'm writing, Bitcoin is down 9.2% in the last 24 hours, Ethereum is down 9.8%, and Dogecoin is down 7.4%. That puts their loss for the week at 26.4%, 17.1%, and 15.7% respectively.
When an underlying currency or commodity, like cryptocurrency, falls it's no surprise that holders of the asset and producers, known as miners, drop as well. Today, some of the biggest losers are CleanSpark (NASDAQ: CLSK) with a 10.7% drop, Riot Blockchain (NASDAQ: RIOT) with a loss of 13.5%, Grayscale Bitcoin Trust (OTC: GBTC), which dropped as much as 14.4%, and Marathon Digital Holdings (NASDAQ: MARA), which lost as much as 12% of its value. At 2:30 p.m. EDT the stocks were down 9.3%, 10.4%, 13.4%, and 8.9% respectively.
Image source: Getty Images.
Source Fool.com
