🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Why Bitcoin-Related Stocks Coinbase, Marathon Digital And Riot Platforms Are Falling

Published 08/05/2023, 15:37
Updated 08/05/2023, 16:41
Why Bitcoin-Related Stocks Coinbase, Marathon Digital And Riot Platforms Are Falling
IXIC
-
BTC/EUR
-
BTC/USD
-
CRCW
-
BTC/EUR
-
BTC/JPY
-
BTC/USD
-
BTC/JPY
-
BTC/GBP
-
BTC/GBP
-
PDPR
-

Benzinga - Shares of several crypto-related stocks including Coinbase Global Inc (NASDAQ: COIN), Marathon Digital Holdings Inc (NASDAQ: MARA) and Riot Platforms Inc (NASDAQ: RIOT) are trading lower Monday amid a decline in the overall cryptocurrency market, led by Bitcoin (CRYPTO: BTC).

What To Know: Bitcoin was down 3.89% at $27,842 at the time of writing. Several other cryptocurrencies including Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) were down more than 3%.

The weakness in the broader crypto space comes after Binance paused Bitcoin withdrawals on its platform due to a large volume of pending transactions. On Sunday, more than 465,000 Bitcoin transactions were waiting to be processed, per mempool.space. At the time of writing, withdrawals on Binance had resumed.

Check This Out: Bitcoin, Ethereum, Dogecoin Tumble After Binance's Temporary Withdrawal Pause: Analyst Says $30K, $40K, Even $50K In Sight For Apex Crypto This Year

Coinbase is a provider of end-to-end financial infrastructure and technology for the crypto economy. The stock was down 4.19% at $55.80 at last check. It was trading even lower in early trading, but bounced after Daiwa Capital analyst Steven Nie upgraded Coinbase from Hold to Buy and raised the price target from $58 to $65.

Marathon Digital is engaged in mining digital assets. The stock was down 9.1% at last check. Riot Blockchain is focused on building, supporting and operating blockchain technologies. Shares were down 10.3% Monday morning.

Read Next: PacWest, Western Alliance, Comerica And Zions Bancorp Shares Are Rising: What's Going On With Regional Bank Stocks?

Photo: Ricardo Goncalves from Pixabay.

© 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.