Why Bitcoin Miners And Other Crypto-Linked Stocks Are Falling

Shares of digital asset miners including Marathon Digital Holdings Inc AMRA and Riot Platforms Inc RIOT are trading lower Monday amid a weekend decline in the price of Bitcoin BTC/USD and other cryptocurrencies. 

Other crypto-related stocks are also seeing selling pressure, including Coinbase Global Inc COIN and MicroStrategy Inc MSTR. 

What Happened: Bitcoin crossed the $30,000 mark for the first time since June 2022 last week, which helped fuel a rally in several cryptocurrencies including Ethereum ETH/USD and Dogecoin DOGE/USD.

Despite falling below the $30,000 level, Bitcoin is still up more than 78% since the start of the year. $28,200 was a strong resistance point, which could become support moving forward. Last week, some bulls were calling for a continued move to the $36,000 level.

Marathon Digital is engaged in mining digital assets. The company owns mining machines and a data center for digital assets. The stock was down 6.52% at $11.19 at time of publication.

Riot Blockchain is another Bitcoin miner focused on building, supporting and operating blockchain technologies. It was down 6.23% at $12.64 at last check. 

Coinbase and MicroStrategy were both down approximately 3% Monday morning. 

Check This Out: Over $2B Staked Ethereum Withdrawn As The Second-Largest Crypto Hits 11-Month High

$BTC Price Action: Bitcoin fell below $30,000 in weekend trading and was continuing to trade lower early Monday. It was last down 2.48% over a 24-hour period at $29,535.

Photo: mohamed_hassan from Pixabay.