As BTC Plummets US Cryptocurrency Stocks Also Fall in Premarket Trading

According to CoinDesk, due to the decline in the price of Bitcoin, American cryptocurrency-related stocks experienced a significant drop in pre-market trading. Bitcoin traded at around $54,400 in European trading, experiencing a 5.8% drop in the past 24 hours, reaching its lowest point since the end of February at $53,600. This decline is attributed to the bankrupt cryptocurrency exchange Mt. Gox transferring $2.6 billion worth of Bitcoin to a new wallet and beginning to repay its creditors. Michael Saylor’s MicroStrategy (which holds over 210,000 Bitcoin) and Bitcoin mining company Hut 8 led the decline, dropping by 8.5% and 9.5% respectively. Other mining companies such as Marathon Digital, CleanSpark, and Riot Platforms saw declines ranging from 6% to 7.5%. Cryptocurrency exchange Coinbase also dropped by 6.5%.