Why crypto stocks tumbled in premarket trading

Tiger Newspress2021-04-23

Crypto stocks tumbled in premarket trading after Bitcoin falling more than 8% as cryptos stumble over Biden tax plans.Canaan Inc. and Riot Blockchain fell more than 9%,Marathon Digital,The9 and SOS Limited fell nearly 8%,Bit Digital fell nearly 7%,Coinbase fell nearly 4%.

Bitcoin and other cryptocurrencies suffered hefty losses on Friday amid fears that U.S. President Joe Biden's plan to raise capital gains taxes will curb investment in digital assets.

Bitcoin slumped 8% to below $48000 / piece in a third straight session of losses while Ether and XPR suffered double digit tumbles.

"The crypto currency came under fresh pressure on the Biden tax headlines," Deutsche Bank's Jim Reid wrote in a note to clients.

Bitcoin, the world's biggest cryptocurrency, is on track for a 15% loss on the week. However, the latest tumbles come in the wake of a sharp rally with Bitcoin still up 65% since the start of the year.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Abundance Thankful
2021-05-18
Abundance Thankful
Time to buy more! This stock will rise soon!
neolt
2021-04-26
neolt
Ok
Simon0513
2021-04-24
Simon0513
[Cry] [Cry]
darrentanjm
2021-04-23
darrentanjm
Everyone should allocate 1-3% of crypto as their investments. Literally no harm.
Wallstrtbets
2021-04-23
Wallstrtbets
?
Hanzmedina
2021-04-23
Hanzmedina
I don’t believe crypto should be more that 5-15% of your total investment path. It’s literally like gambling in Las Vegas or Macao. Be safe.

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This stock will rise soon!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/195859171","repostId":1109677270,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":374010396,"gmtCreate":1619401255715,"gmtModify":1704723247964,"author":{"id":"3577345565957074","authorId":"3577345565957074","name":"neolt","avatar":"https://static.tigerbbs.com/6506ceb9a382e3b286894737df1e5530","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3577345565957074","authorIdStr":"3577345565957074"},"htmlText":"Ok&nbsp;","listText":"Ok&nbsp;","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374010396","repostId":1109677270,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":372275835,"gmtCreate":1619224837227,"gmtModify":1704721443643,"author":{"id":"3582105548809415","authorId":"3582105548809415","name":"Simon0513","avatar":"https://static.tigerbbs.com/59af91755ee1ced667822c02e01890a6","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3582105548809415","authorIdStr":"3582105548809415"},"htmlText":"[Cry]&nbsp;[Cry]&nbsp;","listText":"[Cry]&nbsp;[Cry]&nbsp;","text":"[Cry] [Cry]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372275835","repostId":1109677270,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":372199775,"gmtCreate":1619184445997,"gmtModify":1704720922092,"author":{"id":"3575719295092987","authorId":"3575719295092987","name":"darrentanjm","avatar":"https://static.tigerbbs.com/db13c0920fa0c70b27d1ad93e31c4979","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3575719295092987","authorIdStr":"3575719295092987"},"htmlText":"Everyone should allocate 1-3% of crypto as their investments. Literally no harm.&nbsp;","listText":"Everyone should allocate 1-3% of crypto as their investments. Literally no harm.&nbsp;","text":"Everyone should allocate 1-3% of crypto as their investments. Literally no harm.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372199775","repostId":1109677270,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":372346659,"gmtCreate":1619182433471,"gmtModify":1704720884685,"author":{"id":"3566244878628904","authorId":"3566244878628904","name":"Wallstrtbets","avatar":"https://static.tigerbbs.com/6c38bbee1121ea92508ad9508fa15c5e","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":1,"idStr":"3566244878628904","authorIdStr":"3566244878628904"},"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372346659","repostId":1109677270,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":372337394,"gmtCreate":1619176332718,"gmtModify":1704720806010,"author":{"id":"3578636416694585","authorId":"3578636416694585","name":"Hanzmedina","avatar":"https://static.tigerbbs.com/ff6a299b7d3f83321a84e4bbc4366db2","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3578636416694585","authorIdStr":"3578636416694585"},"htmlText":"I don’t believe crypto should be more that 5-15% of your total investment path. It’s literally like gambling in&nbsp;Las Vegas or Macao. Be safe.","listText":"I don’t believe crypto should be more that 5-15% of your total investment path. It’s literally like gambling in&nbsp;Las Vegas or Macao. Be safe.","text":"I don’t believe crypto should be more that 5-15% of your total investment path. It’s literally like gambling in Las Vegas or Macao. Be safe.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372337394","repostId":1109677270,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":91,"commentSize":59,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1109677270"}