Crypto-related stocks were sliding after Bitcoin's flirtation with the $100,000 landmark disappointed. Bitcoin fell below $92,000 on Tuesday.
CleanSpark fell 9%; Bit Digital fell 7.8%; MicroStrategy fell over 5%; Riot Platforms fell 4%.
The one time red-hot "Trump trade" is fizzling out and taking the crypto stocks with it.
Shares in MicroStrategy, which has been boosting its holdings of the world's largest token in recent days, fell 3% in morning trading.
All three stocks are closely tethered to the price of Bitcoin, given they either hold the crypto or make money by taking trading fees from investors buying or selling it. Its price has climbed since Donald Trump won the U.S. election -- but the rally appears to have stalled just short of $100,000, likely due to the sheer number of put options traders hold just below that level.
There also aren't many catalysts that can drive crypto stocks higher until Trump takes office. The President-elect has promised to slash regulation on digital assets, but he won't be able to do that until his inauguration on Jan. 20. Even then, he might have bigger legislative priorities -- like imposing tariffs on Canada, Mexico, and China.