Many U.S.-based crypto mining stocks are reflecting Bitcoin’s weakness and are trading down close to 10% in premarket trading.
Marathon Digital Holdings (MARA) is down 6.5%, while Hut 8 (HUT) has dropped 8.1%. Michael Saylor’s MicroStrategy (MSTR), holding over 210,000 BTC, is down 6.4%.
The recent stock price decline occurred after Mt. Gox transferred $2.6 billion worth of Bitcoin (BTC) to a new wallet in preparation for repaying creditors. This follows a 10% BTC value drop over the past week and Germany’s decision to sell seized BTC.
Additional crypto stocks like Coinbase (COIN), CleanSpark (CLSK), and Riot Platforms (RIOT) have all fallen between 6%-8% in premarket trading.
Bitcoin slumping
Bitcoin was hovering around $55,400 at the start of the day Friday, a fall of over 10% in five days. On Thursday, Bitcoin’s value dropped below $55,000, reaching levels not seen since February.
There is evident mass selling pressure, as some Bitcoin traders are anxious due to large holders, like Mt. Gox, selling their BTC.
