Why Bitcoin- And Ethereum-Related Stocks Are Falling Today

Shares of several cryptocurrency-related companies, including Coinbase Global Inc COIN, Marathon Digital Holdings Inc MARA and Riot Blockchain Inc RIOT, are trading lower in sympathy with the price of Bitcoin BTC/USD and Ethereum ETH/USD.

Many are attributing the recent crypto pullback to the technical setup in Bitcoin. Bitcoin has been facing resistance around the $52,000 level. After testing that level and failing to break out, the world's oldest cryptocurrency pulled back, seemingly taking the rest of the crypto market with it. 

See Also: Chart Wars: As Companies Continue Crypto Adoption, Are Bitcoin And Ethereum Headed For A Bullish 2022?

Coinbase is a provider of end-to-end financial infrastructure and technology for the crypto-economy. The stock was down 3.40% at $270.75 at publication time.

Marathon Digital is focused on mining digital assets. It owns cryptocurrency mining machines and a data center to mine the digital assets. Shares were down 5.58% at $37.20 at publication time.

Riot Blockchain is focused on building, supporting and operating blockchain technologies. The stock was down 4.64% at $24.65 at publication time.

BTC, ETH Price Action: At publication time, Bitcoin was down 4.52% at $49,077 over a 24-hour period and Ethereum was down 4.58% at $3,907.34 over a 24-hour period.

Photo: PIRO4D from Pixabay.