U.S. Crypto Stocks Sink in Pre-Market Trading as BTC Slumps
Summary
US crypto-related stocks experienced a drop in pre-market trading as Bitcoin (BTC) fell to its lowest level since February. MicroStrategy, which holds over 210,000 BTC, and bitcoin miner Hut 8 were the most affected, with their stocks sliding 8.5% and 9.5% respectively. Other mining companies such as Marathon Digital, CleanSpark, and Riot Platforms saw a decrease between 6%-7.5%, while cryptocurrency exchange Coinbase lost 6.5%. The decline coincided with the defunct crypto exchange Mt. Gox moving $2.6 billion worth of BTC to a new wallet and announcing the commencement of creditor repayments 10 years after its collapse. This action led to fears of mass selling pressure as recipients might immediately offload their coins.
