As a seasoned crypto investor, I’ve seen my fair share of market volatility. But the recent drop in crypto mining stocks and Bitcoin’s slumping price has left me feeling uneasy. The news of Mt. Gox transferring billions of dollars worth of Bitcoin to a new wallet to repay creditors sent shockwaves through the market, causing a domino effect on stock prices.
As a crypto investor closely monitoring the market, I’ve noticed that several US-listed Bitcoin mining stocks have mirrored the digital currency’s downturn, with most of them trading around 10% lower during the presession hours.
At present, Marathon Digital Holdings (MARA) has experienced a decrease of 6.5%, while Hut 8 (HUT) has seen a larger drop of 8.1%. Meanwhile, MicroStrategy (MSTR), led by Michael Saylor and possessing over 210,000 Bitcoins, is witnessing a decline of 6.4%.
After Mt. Gox moved $2.6 billion in Bitcoins (BTC) to a new digital wallet, the stock prices took a hit. This unexpected event came after Bitcoin’s value dropped by 10% over the last week and followed the German government’s announcement that they would be selling some of their seized Bitcoins.
In the early market hours, cryptocurrency stocks such as Coinbase (COIN), CleanSpark (CLSK), and Riot Platforms (RIOT) experienced declines of approximately 6% to 8%.
Bitcoin slumping
At the beginning of Friday, Bitcoin was priced around $55,400, marking a decline of more than 10% over the past five days. On Thursday, the cryptocurrency’s value dipped beneath $55,000 for the first time since February.
It’s clear that many Bitcoin traders are feeling anxious due to the significant selling activity from large Bitcoin holders, such as Mt. Gox, in the market.
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2024-07-05 15:41