Why did Riot Blockchain stock fall? Year end pressure of bitcoin

Time:2022-01-02 Source: 826 views Trending Copy share

Bitcoin miner Riot Blockchain (NASDAQ:RIOT) shares slide 8.0% in Tuesday trading, its biggest one-day drop since Dec. 3, as bitcoin (BTC-USD) loses 6.7% in the past 24 hours to ~$47.8K.

Other bitcoin-mining stocks also felt the pain with Marathon Digital (NASDAQ:MARA) sinking 10%, Hut 8 Mining (NASDAQ:HUT) diving 12%, Bitfarms (NASDAQ:BITF) off 11%, and Greenidge Generation Holdings (NASDAQ:GREE) -9.8%.
Some investors may be turning away from speculative investments at year-end in favor of safer havens. The U.S. dollar index rises 0.1% to 96.17. In equities, more defensive sectors like Utilities and Materials are in the green while Information Technology and Communication Services are in the red.
Other cryptocurrency-related stocks drop, including Coinbase Global (COIN -6.7%), Silvergate Capital (SI -5.6%), MicroStrategy (MSTR -6.9%), and Galaxy Digital Holdings (OTCPK:BRPHF -5.6%).
Earlier, MicroStrategy stock dips as bitcoin falls below key $50K level again.

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