crypto.news
Many U.S.-based crypto mining stocks are reflecting Bitcoin’s weakness and are trading down to end the week.
At the time of writing, Hut 8 is down 11.2% to $12.34 a share. CleanSpark is now $13.35 a share, down 11.35%, while Riot Platforms is at $8.50, down 8.8%.
Marathon Digital Holdings is down 3.3% to $17.48. Marathon did disclose in its Q2 financial report that it sold over 50% of the Bitcoin ($BTC) it mined during the quarter to fund operating costs.
The recent drop in stock prices comes as the Nasdaq and Dow Jones Industrial Average are experiencing a downturn. The Nasdaq is down 2.5% today. Tech stocks face a widespread sell-off, driven by investor concerns over inflated valuations.
Other crypto stocks, such as crypto exchange Coinbase, Microstrategy, and Paypal, are down 4-5% on the day.
Bitcoin slumping
At the same time, the crypto market is also in decline, with Bitcoin ($BTC) and other major digital assets suffering losses amid fears surrounding Genesis Trading’s financial stability.
Bitcoin was hovering slightly below $63,000 as of Friday’s start, a fall of 10% in the last five days. Last month, the value of Bitcoin dropped below the $55,000 mark, reaching levels not witnessed since February.
With the recent sale of 50,000 $BTC by the German government, distributions from bankrupt exchange Genesis Trading, and impending sales from the U.S. government’s $BTC stash, the crypto market continues to face supply disruptions.