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Cryptocurrency Miner Stocks Like Riot Blockchain (NASDAQ: UP), Marathon Digital (NASDAQ:MARA) and bit digital (NASDAQ:BTBT) fall in Monday morning trading, overtaking Bitcoin swoon (BTC USD) and other major digital tokens amid a broader sell-off in risky assets.
The global crypto market cap is $1.50 trillion at the time of writing, which is a huge drop 50% from its peak in November. Bitcoin (BTC-USD -5.6%) has fallen to $32.6K in the last 24 hours and Ethereum (ETH-USD -5.5%) falls below $2.4K.
At a time when a number of central banks are turning to tighter monetary policies to tame persistently high inflation, “most investors have taken a risk-averse approach — selling stocks and cryptos alike to reduce risk,” Chef said Darshan Bathija Executive Crypto Exchange Vauld, as quoted by Bloomberg recalled the week ended May 6, as the US Federal Reserve hiked interest rates by the sharpest in 22 years and aimed to balance the balance sheet from June.
Crypto Miner: SOS (SOS -7.8%), HIVE blockchain (HIVE -13.6%), BIT mining (BTCM -10.8%), Hut 8 Mining (HUT -13.5%), Bitfarms (BITF -14.9%), CleanSpark (CLSK -12.4%), Greenidge Generation (GREE -10.6%), Core Scientific (CORZ -14.5%) and Argo Blockchain (ARBK -14.5%), Stronghold Digital (SDIG -16.6%) and cipher mining (CIFR -17.4%).
Other crypto-focused stocks deep in the red include: MicroStrategy (MSTR -20.6%), Coinbase Global (COIN -14.3%), Galaxy Digital Holdings (OTCPK:BRPHF -22.3%), Silvergate Capital (SI -12.9%) and Bakkt (BKKT -12.1%).
Previously, Bitcoin Strategy ETFs fell to record lows.
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