Cryptocurrency-related stocks including Coinbase Global Inc (NASDAQ:COIN), Marathon Digital Holdings Inc (NASDAQ:MARA) and Riot Blockchain Inc (NASDAQ:RIOT) are trading lower Monday morning amid a weekend decline in the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
The cryptocurrency market has lost about $130 billion in value over a 24-hour period as the top cryptocurrencies have continued to trend lower. Bitcoin and Ethereum are now about 50% below their all-time highs.
The crypto market seems to be following the stock market, which has been trending lower since the beginning of the year and is coming off its worst week since March 2020.
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Coinbase is the leading cryptocurrency exchange platform in the United States. The stock was down 10.9% at $171 at time of publication.
Marathon Digital is focused on mining digital assets. It owns cryptocurrency mining machines and a data center to mine the digital assets. The stock was down 11.9% at $19.42 at publication time.
Riot Blockchain is focused on building, supporting and operating blockchain technologies. At publication time, the stock was down 12.4% at $13.14.
BTC, ETH Price Action: At the time of writing, Bitcoin was down 6.74% at $33,442 over a 24-hour period and Ethereum was down 11.78% at $2,207.82 over the same period of time.
Photo: EivindPedersen from Pixabay.
