Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Why Bitcoin-, Ethereum- And Dogecoin-Related Stocks Are Nosediving

Published 01/05/2023, 19:48
Updated 01/05/2023, 21:12
© Reuters Why Bitcoin-, Ethereum- And Dogecoin-Related Stocks Are Nosediving
BTC/EUR
-
BTC/USD
-
ETH/EUR
-
CRCW
-
BTC/EUR
-
BTC/JPY
-
BTC/USD
-
ETH/USD
-
ETH/USD
-
DOGE/USD
-
ETH/EUR
-
BTC/JPY
-
ETH/JPY
-
BTC/GBP
-
ETH/GBP
-
ETH/JPY
-
BTC/GBP
-
DOGE/USD
-
DOGE/EUR
-

Benzinga - Bitfarms Ltd (NASDAQ: BITF) and Marathon Digital Holdings Inc (NASDAQ: MARA) shares are trading lower Monday afternoon. Shares of crypto-related stocks are trading lower amid a decline in the prices of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). Popular altcoin Dogecoin (CRYPTO: DOGE) is also lower amid weakness in the broader crypto sector.

Crypto may be trading lower as traders and investors await the Federal Open Market Committee's (FOMC) interest rate decision. The FOMC is widely expected to issue at least one more 0.25% interest rate hike at the conclusion of its meeting on Wednesday.

The rate hike itself will likely not move financial markets much, but the language the FOMC uses in its policy statement could be a major catalyst.

See Also: Bitcoin, Ethereum, Dogecoin Trade Mixed Amid Regulatory Uncertainty: Analyst Says Apex Crypto Isn't Getting A Boost Despite Upbeat Mood On Wall Street

Price Action

Marathon Digital focuses on mining digital assets. It owns crypto-currency mining machines and a data center to mine digital assets. The company operates in the digital currency blockchain segment and its cryptocurrency machines are located in Canada.

Marathon Digital shares are trading lower by 12.02% at $8.86.

Bitfarms is a bitcoin self-mining company. It runs vertically integrated mining operations with in-house management.

Bitfarms shares are trading lower by 4.74% at $1.10.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.