Why Bitcoin- And Ethereum-Related Stocks Are Falling

Cryptocurrency-related stocks, including Coinbase Global Inc COIN, Marathon Digital Holdings Inc MARA and Riot Blockchain Inc RIOT, are trading lower Monday amid a sharp decrease in the price of Bitcoin BTC/USD and Ethereum ETH/USD. 

Bitcoin, the world's oldest cryptocurrency, fell to its lowest levels since the end of 2020 on Monday. The crypto market seems to be falling amid a selloff in broader risk assets after traditional markets traded sharply lower last week in the wake of runaway inflation data. 

Crypto lending company Celsius stopped withdrawals for its customers, which has sparked investor fear. Binance also paused Bitcoin withdrawals, citing a "stuck transaction."

This is only impacting the Bitcoin network. You can still withdraw Bitcoin on other networks like BEP-20.

Likely this is going to take a bit longer to fix than my initial estimate. More updates soon. Thanks for your patience and understanding🙏

— CZ 🔶 Binance (@cz_binance) June 13, 2022

Coinbase is the leading cryptocurrency exchange platform in the United States. The stock was down 17.1% at $48.77 at time of publication, according to data from Benzinga Pro.

Marathon Digital is focused on mining digital assets. The company owns cryptocurrency mining machines and a data center to mine the digital assets. Marathon Digital shares were down 16.2% at $6.32 at press time.

Riot Blockchain is focused on building, supporting and operating blockchain technologies. The stock was down 14.9% at $4.40 at time of publication.

See Also: Why Is Dogecoin Crashing So Hard Today?

$BTC, $ETH Price Action: Bitcoin was down 12.11% over a 24-hour period and 22.92% over a one-week period at press time. Ethereum was down 15.54% over a 24-hour period and 34.9% over a one-week period at press time.

Photo: Eivind Pedersen from Pixabay.