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Why Did Crypto Stocks Go Down on Thursday? Bitcoin Pares Gains
Riot Platforms stock dropped 15.1% in Thursday midafternoon trading as bitcoin erased a large chunk of its intraday rally, sending many crypto-tied stocks lower. Marathon Digital -9.3%, HIVE Digital -7.1%, Bitfarms -12.5%, CleanSpark -5.8%, Core Scientific -8.5% and Hut 8 -6% were among some the bitcoin miners that fell at the time of writing. Crypto-related stocks advanced before the opening bell, but with bitcoin's retreat from its $49K multi-year high about 30 minutes before the open , the stocks took a turn south out of the gate. Other crypto-linked stocks: MicroStrategy , the largest corporate holder of BTC, dipped 4.2%, crypto exchange Coinbase slid 6.3%, and Mike Novogratz's Galaxy Digital decreased 4.5%. Similarly, most of the now-approved spot bitcoin ETFs also dived in their first day of trading, after briefly posting gains. More on Bitfarms, Galaxy Digital, etc. Bitcoin ETF Approval: What Does It Mean For Crypto Stocks Marathon Digital: Poised To Ride The Bu
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