The world’s largest cryptocurrency is bitcoin, and its price is plunging. Bitcoin tokens nearly reached a price of $42,000 late last week. But on Monday, bitcoin briefly dipped below $31,000 — more than a 25% drop in a matter of days.
As might be expected, any stock that has anything to do with bitcoin specifically or cryptocurrencies in general is down today. Several stocks are down by more than 20% as investors take profits off the table following a great run.
Among the hardest hit cryptocurrency stocks today are bitcoin miners like Marathon Patent Group (NASDAQ: MARA), Riot Blockchain (NASDAQ: RIOT), Bit Digital (NASDAQ: BTBT), and CleanSpark (NASDAQ: CLSK) which were down 10%, 13%, 25%, and 4% respectively as of 1:30 p.m. EST.