Crypto Stocks Tumbled in Morning Trading, with Canaan Dropping over 14%
Tiger Newspress2022-05-09
Crypto Stocks Tumbled in Morning Trading, with Canaan Dropping over 14%.
Coinbase, Block, Bit Digital, Riot Blockchain, BIT Mining, Marathon Digital, SOS Limited and The9 fell between 2% and 11%.
Bitcoin is falling toward levels last seen in July 2021, part of a wider retreat in cryptocurrencies amid a global flight from riskier investments.
Most of the major virtual coins were under pressure over the weekend and the downbeat mood carried over into Monday.
Rising interest rates are giving individual and institutional investors pause for thought about the crypto market outlook, according to Edul Patel, chief executive officer of Mudrex, an algorithm-based crypto investment platform.
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