Crypto Stocks: Why Are MSTR, RIOT, EBON, ARBK and CIFR Down?

Time:2022-01-02 Source: 1030 views Trending Copy share

Crypto stocks are taking a beating on Monday and we’re diving into the latest news behind the drop.

Falling cryptocurrencies representing Crypto Stocks.
Source: Yevhen Vitte/Shutterstock.com
The big news sending crypto stocks lower today is the price of Bitcoin (CCC:BTC-USD) crashing over the weekend. BTC saw a sharp drop in value late Friday that spooked investors in various crypto shares.

Bitcoin regained some of its lost ground following that drop but didn’t jump back up to its previous price. That’s worth noting as it has the price of BTC down 14.3% over the last week. The crypto is also slipping slightly over the last 24-hour period as of Monday afternoon.

Now that we know why crypto stocks are down today, let’s take a look at those getting hit the hardest below!

Crypto Stocks Falling
MicroStrategy (NASDAQ:MSTR) stock starts us off with shares falling 6.6% as of Monday afternoon.
Riot Blockchain (NASDAQ:RIOT) shares are slipping 2% as of this writing.
Ebang International (NASDAQ:EBON) stock joins the list with shares dropping 4.2% this afternoon.
Argo Blockchain (NASDAQ:ARBK) shares took a bigger blow with the stock dipping 9.5% today.
Cipher Mining (NASDAQ:CIFR) stock is getting hit the hardest today with the company’s shares down 12.4% as of Monday afternoon.
While many of these stocks are still down today, it’s worth noting they are trending back towards their previous closing prices. In fact, Marathon Digital (NASDAQ:MARA) is up slightly this afternoon after diving lower this morning.

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