Shares of Bit Digital (NASDAQ: BTBT) fell on Tuesday morning along with many other cryptocurrency stocks. If anything, the company had positive news to report. But as of 11 a.m. EDT, the stock was down 4% nonetheless.
Bit Digital mines Bitcoin. Companies like this are paid in Bitcoin for their services that make the blockchain network work. Therefore, when the price of Bitcoin is going up, investors would bid stocks like Bit Digital higher, since its Bitcoin payouts are more valuable. However, Bitcoin had a small pullback early this morning, resulting in cryptocurrency stocks being down today.