Bitcoin
Bitcoin mining stocks fall in premarket
Many US-based cryptocurrency mining stocks are reflecting Bitcoin’s weakness and are trading down nearly 10% in premarket trading.
Marathon Digital Holdings (MARA) fell 6.5%, while Hut 8 (CABIN) is down 8.1% at the time of writing. Michael Saylor’s software company MicroStrategy (MSTR), which holds over 210,000 BTC, is down 6.4% at the time of writing.
The recent drop in stock prices occurred after Mt. Gox transferred $2.6 billion Bitcoin value (BTC) to a new wallet in preparation for paying off creditors. This drop follows a 10% drop in the value of Bitcoin last week and also follows the German government’s decision to sell some of the BTC it had seized.
Other cryptocurrency stocks, such as cryptocurrency exchange Coinbase (COIN), CleanSpark (CLSK) and Riot Platforms (REBELLION) fell between 6% and 8% in pre-market trading.
Bitcoin in decline
Bitcoin was hovering around $55,400 early Friday, down more than 10% in five days. On Thursday, Bitcoin’s value fell below the $55,000 mark, hitting levels not seen since February.
It is clear that there is mass selling pressure as some Bitcoin traders are nervous about large holders like Mt. Gox selling their BTC.